I don't know what crack you are huffing Anthony but people from London still get 60+ ping to Icelandic servers. They have a very good network infrastructure but not that good.
Only place this is useful is for playing against US or Canada in NWWC to make it more even. But if you have to face Eastern teams they will get closer to 100 ping at the very least which I can tell you now they will not agree to.
Do you have prior experience connecting to NW Icelandic servers xD it could turn out when I host the server it gives everyone 150ping because of routing issues.
And yeah ofc for NWWC I feel the spirt of the game would be to play in the server location that the majority of people get the fairest distribution of ping. So for Eastern players a london or french server would be best if it was NA vs RUS or TUR.