What would the impact and limitations be in setting a short delay( maybe 1 full second or even a half second) in trade execution so that latency issues are no longer possible. Each request for execution could have a ridiculously accurate time stamp that is synced across all linked systems and exchanges would be required to execute trades not in the order received but in the order that they were sent.

Wouldn't this eliminate latency front-running, and at the same time make the the technology arms race pointless?