Oh.
Yes, it is thank you.
First, I created a new superflat world, and created a repeating command block with the command "/tp @e[type=Item] ~-0.05 ~ ~" in it, with needs redstone activated. I threw a rotten flesh on the ground, and then flipped a lever connected to the command block. It seemed to only update the Item's location every second.
This still is an issue, thank you for the reminder.
Not quite, in my case, running the ./tp @e[type=Item,c=1] ~ ~ ~1 doesn't visually teleport the item, not when it is dropped. Dropping the item is fine, but the teleportation of items has a small amount of lag.
This also seems to occur when connecting to a locally hosted server.