CCP did just that when it released a time dilation feature into EVE Online last month to reduce lag during massive space battles.
So far, it's working great, according to CCP Veritas. In a new blog post, he shows off graphs and recounts recent events that show how "TiDi" (as he calls it) is successfully slowing down in-game time to keep player commands and on-screen action in sync.
"In all cases, it has kicked in appropriately when the server node has become overloaded, keeping things running responsively and sanely," he writes. "In both huge fights [shown on the graphs], the module response time was kept under one second for the vast majority of the action, which is a tremendously large improvement over the 20, 40, 600 seconds we'd sometimes see in fights of this scale."
EVE Online has also made a few quality of life improvements to EVE Gate, including a better login system, a navigation menu tied in with the rest of the site, and a way to quickly zip to dev posts on the forums.