Keeping things relevent to the discussion in Tech Support: Lowering the orbit to 700km still doesn't get you below 100mS.
I built a spreadsheet for the J2 calculation. Lowering J2 from 35785km to 700km would still only give me a time-to-internet latency of 112.8mS. It's a vast improvement, but I'm sure LEOs bring other problems such as how to network them effectively at ground stations, how to gain maximum beam coverage, how do you reach polar regions, dealing with power levels, etc.
And if reach to Northern locations is an issue from the equator, I don't even want to think about how you would deal with non-geostationary orbits like Sirius does.
Certainly an interesting problem. Just thought I'd throw that out there.