Good news
I have found the solution for this task.
1. Vertical layout has been added to limereport (develop branch at github).
2. All layouts from now has property "hideEmptyItems"
3. If you for some reason don't want to hide all empty items then you
can use the TextItem's property "hideIfEmpty" instead "hideEmptyItems"
Important: In order for the band size to change,
you do not have to place the report items from the bottom of the vertical layout