I did it once and couldn't be bothered moving the 315 items into a new barrel. I have a nice large pile of wood that I keep my belongings in. I was getting too many items to throw on the ground. I've now got a second chest that I kepp stuff that I want to sell, but waiting for Geoff to have cash.
Also, I pulled a couple of chests out of the Aleroth Catacombs and after I picked them and emptied them, they vanished! They're still there in a sense. The mask for them appears when you load a game and you cannot walk through that space, but I cannot see or interact with them.