To be honest, I didn't think it was possible to have such awful pings to... well anywhere... Put simply, you will have a 1.2 second delay at minimum for any action you try to take. If you only plan to farm, or play the dance of dynasties then you should be fine I think. Combat is a definite impossibility though... My mind is blown, I can't imagine playing anything with such a ping.
If possible I would say upgrade your internet connection. I mean, you were able to afford a magistrate package, so better internet should be in the budget if it's available.
Best of luck to you.