Ya, that is fine if that is all the water level drops. Some people get a reverse syphon going that keeps sucking the water well below the overflow (had my tank drain 1/2 way onto the floor once because of that.. yet, another hard lesson learned).
Your setup you won't have the same problem I had.. but just remember, the second you expose coraline to air it dies.. within a second. Then, for months/years later you have a nice white bleached spot at the rim of your tank. Something you want to try and avoid if possible, but sometimes you just have to do it.. ie, something bad happens and you have to do a 30-40% water change in the tank.