One think I observed is usually late registration is available upto 10 big blinds. So it means when a person has 10 times the big blinds, it is considered enough to win any game if played right.
If starting stack is 10,000 then late registration will be available upto 500/1000
and if 5000 chips, then late registration is available upto 250/500
in most cases.
Also you will have better success in going deep when late registred in a tournament or 1 hr after it begin.
Usually when I late register, I see lot many players on tables with less number of chips then they begin with.
If it starts with 10k, more than 1/3rd of players are with around 7k who have been playing for hours and with just 1 successful hand
you will just beat em and go to the average stack which is shown in the lobby. So back in game as everyone else.
And you will be more focused as u just came and have an edge