If you use a resetter and refill each carts to as full as a new OEM cart is then you can treat your fully refilled carts like new OEM carts. The printer will not know the carts are refilled. But this is based on an assumption that the resetter does reset the chip to a state of true emptiness. I don't think anyone really know if the available resetter does that.Pretty close to how I would implement it, @Tin Ho . When you reset the chip it gets loaded with FULL. Each time you print with that cart you lower the volume. When the volume reaches EMPTY, you stop printing. The mirror mechanism is a fail safe that is used to indicate ALMOST_EMPTY at which point you set the volume to ALMOST_EMPTY and decrease it based on use until it hits EMPTY. Which is pretty much what you said. This is not a complex process.
I don't use a resetter. I won't ever see any warning message from the printer. I can only rely on my gut feeling about my ink level. Once in a while I did run out of ink completely by surprise and my printer gradually showed a color missing. When I saw that I stopped printing immediately by lifting the lid of the printer. I refill the missing color as well as all other carts at the same time immediately. A cleaning cycle later the printer worked just fine again.
I am not encouraging anyone to not pay attention to actual ink level if not using a resetter. Just trying to say it is OK to not use a resetter. That's my experience from several printers that never used a resetter.