If we want to consider a good team, then I would point to a team like the Spurs. Robinson's injury enabled a tank for which they drafted Duncan. But since drafting Duncan, they have generally drafted well (Ginbolli, Parker, Leonard, Splitter) using their last first round picks and second picks. And they not only retained Duncan they got him to take a below market value contract to be able to sign other talent. This is something that good management can do but granted it does help the Spurs that they were blessed with Duncan.
What tanking seems to do is give a team the RFA "window" to contend before that star moves onto greener pastures. This is a short term strategy for the GM to retain his job but is not a long term strategy to build a contending team.