Edited to correct: According to the FAA's Technical Documentation, the ADS-B System is allowed a latency of 6 seconds for towers with Terminal Volumes and 12.1 seconds for towers with En Route volumes. That's for TIS-B traffic. (http://adsbforgeneralaviation.com/wp-content/uploads/2011/12/SBS-Description-Doc_SRT_47_rev01_20111024.pdf). You were talking -Rebroadcast and quoted the spec for that. In either event, that's the latency to get the traffic data they have to you. I haven't found the spec on the latency they allow themselves to gather and tailor that data. (I see one second as a best case mentioned for reporting, but it's allowed to gracefully degrade.) As far as latency from the EFB, I expect it is nil. (Update: Well, since the iFly display updates once a second, one second is the best case low latency.)
My personal experience (so far) is that, here at my home airport, 1090 traffic is spot on. (Makes sense, since no towers are involved in getting the data to me when I'm listening on 1090 with a dual Stratux. So you might want to go dual band to get rid of ADS-R latency.) I don't have much of a feel for 978 traffic but I am beginning to notice that the traffic I see is always ahead of what's shown. So your thought to look ahead of the target is a good one. Traffic data is history. It is not the present.
(And, so, from an ergonomic point of view, I would make the back of the traffic arrow be the location of the target. That way, the length of the arrow to the tip would more correctly tell you where to look. (Turning traffic excepted.) But since the traffic arrow is a spec from TCAS, I doubt that anyone will change the way things are now.)