An elaborated version of this idea is called "rollback" where you let the local client predict and execute the game state at time t+1 and will "roll back" the state of the game if it received another game state than the one predicted. Extremely popular and state of the art for 2D fighting games (most of the time the prediction is correct and it greatly reduce the perceived lag) , but probably harder a bit harder to do with 3D games.