Earlier quoted context omitted.
Regarding your last point: it's getting better. Modern TVs have "game mode", where latency is minimized. The latest LCD panels use embedded Display Port, eDP. The latest eDP standard introduces a frame buffer on the LCD itself, where you can just write deltas and tell it to "swap". I think this is quite similar to what you're proposing, in concept.
You may already know this, but the "Game Mode" on modern TVs is just turning off the 120Hz/240Hz interpolation that is done to "improve" the picture (or is required for certain 3D systems to work). The interpolation introduces significant latency that its obvious (and frustrating) during gaming. I actually run my TV in game mode by default, because the interpolation done in 120/240Hz mode makes everything look like i…
Some people aren't able to tell this apparently but it absolutely bothers the heck out of me. Probably the reason why I'm not a fan of 48fps either.
I still think it would be useful to have a variable rate player. 24fps for normal scenes and 48fps for action.