Have you ever tried that? For me, the lag was the tiniest bit perceptible and was enough to make me sick
This is how most consumer vr used to be before the (oculus) quest, and it worked fine. The data path was massive with base stations etc. A lot of people did get motion sick, but its probably more to do with framerate, one would have thought
Played Half-Life Alyx this way entirely on a Quest 2, and I have gotten sick in VR, but I had no problem with it.
The technology has actually gotten better since I last spent a significant amount of time with it.