I doubt it would work. Regardless of speeds or whatever, the problem is the connection won't be stable. You might not lag, but you will very likely be disconnected from rooms more often than not.
The problem is the world is spinning, so your dish is constantly grabbing new sattelites to connect with. When browsing the web or watching videos, it's no problem; the computer just catches up as soon as it can.
When your connected directly with somebody though, and you loose connection even for a second, you will be dropped from the room.
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With that said though, it can't hurt to try!