Atleast thats a good way to go about it. And while I agree that its not necessarily worth giving up your rights for, depending on the officer it could help get you a warning vs a ticket. Again though, depends on the situation
I don't presume to be an expert on the subject so my experiences serve to justify my statements, but I would venture to presume it would be highly reliant on your location. In some harsher locations of the US, saying what I said would result in 5 more police cars showing up and you being manhandled while they rip your vehicle apart with knives simply for not immediately saying yes.
So, your mileage definitely may vary. Still, even in that situation I would rather have the law on my side and would stick to my guns regardless of the unfortunate consequences.
I think denying a vehicle search has nothing to do with your odds of getting a warning vs. a ticket. I think respecting the officer and the fact that he is only doing his job is 99.99% of it. They are people to, treat them like it and it will be rewarding enough.