No. First person shooter (FPS) games will not run well on satellite internet regardless of the speed. This is due to latency. Latency is the delay it takes to send/receive a satellite signal, and on satellite it is 600+ms because of the distance the signal must travel (up to space and back). In comparison, non-satellite latency is under 150ms. So this issue cannot be corrected.
As far as cancelling, you are welcome to. All you have to do is pay the early termination fee.
First person shooters do not work well on satellite - latency will never be under 550 and, usually is 600 to 800 ms. That mans when your son give a command there is anywhere from 1/4 to 3/4 of a second lag. Now in raids or other large groups that can be worse if the game server lags a bit during such events. I have seen it as bad as 1-2 seconds lag.
Less than a second lag may not sound like much but, in many games, that's enough to get your character killed. I'd suggest non FPS games. Try RPG like Aion, Rift and, similar games. Play a ranged character or, at least one that can begin combat at range and pull enemies to them. Learn how to deal with the lag before going into PvP combat.
Yes it can be done, my mage in Rift is one of the top Pvp mages and, my archer is in the top 50 overall always. In Aion my chanter is in the top 100 and he isn't max level yet. My sorcerer just started PvP and, is already in the top 200. Sure I die from lag occasionally but, I've learned to deal with it and, use the best skill rotation to maximize my damage output quickly. I might die in a 4 on one fight, but I promise you, I will take 3 of the 4 with me. One on one or PvE, the enemy is going down, not me.
Was it easy? No it took time to learn and, the rotations for skills in guides and what other players suggest isn't always best for a satellite player but, it's possible and, it's enjoyable once you learn how to game on high latency connections.
Don't look at the lag as a hindrance but rather as an added challenge. If you can do it, that means you're all the better of a player.
Now if it's non combat skills like fishing, crafting, gathering etc failing due to latency, contact the support people for the game. I've done that a few times and, every time, the next patch includes a fix and, it works. That is a pretty easy fix for game developers so, if you ask and, explain that you can't be the only player that doesn't have a low latency connection option and, that fixing it won't affect those that do have lower ping times, and, it isn't combat - they are usually happy to fix that game for you.
What faster speed, say 25 Mbps vs 12 Mbps, does is let you download the patches for the game faster - that's it, doesn't help with actual game play or lag - that's latency.