I played that way for years. The funny thing is I didn't even realize how awful it was until I upgraded both my computer and internet connection and now i get like 140 FPS on average ( i don't really know wtf MS is so I use fps instead). The short answer to your question is probably yes, although I could never go back after being on such a crisp connection for a few years now. My lag in everquest was horrendous. I remember it taking up to 5 seconds to open up my inventory screen, which is spos'ed to be instant
And you could sit there for 3-4 minutes sometimes trying to get past the load screen.