Yeah. I am from Chicago area and I play DotA on EC and WC servers. I generally have 90-100ms from WC and 60-70ms to EC, which is approximately 6 frames of lag from WC and 4 from EC (1 frame = 1/60sec ~= 17ms). At those delays, I doubt I could manage any of the reactions I do in person. Hell, I doubt marth could edgeguard spacies on reaction; the jab would have to come 5 frames earlier and its hard enough to do it when theres no lag. Not even M2K could tech chase with sheik on reaction.
I would not play Melee on Wi-Fi. I already have the ability to play Melee online, but I don't, because even 1 or 2 frames of lag reduces the quality of the matches. I prefer melee to be the way it is now: get off the couch, get in the car, go to someone's house and play.