Ths is not possible with modern games, if it was a very basic engine outputting low bit graphics then this would be fine yes but on a modern graphics heavy title the lower your framerate is the higher your average system latency is and the higher your latency is between rendered frames.
This is the thing - some people say you don't need more than X or Y and they might be right on paper, but the imperfect world of hardware, OS software and game software, etc. means you need a far higher amount to replicate the same results as what may be possible with a perfect environment.