LoL I dont know if it does or not, but you ALWAYS get your hits in near regardless of lag.
the little green aiming circle i enabled. it shows you where the server itself thinks you are pointed. that cuts most of the aiming lag out. especially in tight circle fights with fast tanks. i nearly always hit & people that leave it disabled have lots of misses (not leading enough). as long as the green circle is where it needs to be, you pretty much always hit lag or not.
(im normally 20-30ms lag 40-50ms lag. i've played on the euro server and had 100-200ms lag, but it wasn't "laggy")
its nice cause it puts the FPS and lag in the top right of the window enabled by default. has a little green/red packetloss light that says when youre laggin too.
mmmm my old hardware get's 30-70fps depending what im looking at on 1050p & medium/high options (videos are much less from fraps)
also, the game is only single core on the CPU side. so you can do all kinds of stuff while playing without too too much impact on the gameplay itself. fraps, encode video, stream, w/e.