They already spent a ton of time and resources building infrastructure just for LoL all over the place when they centralized the servers to be fair to both sides, they're not going to do it again/undo it now for an east coast server. They certainly don't want to split the game's population, they said as much multiple times in the past.
If you're getting 1k+ ping that's a different problem entirely, and you should contact support so they can help you figure it out. Just don't bit a dilweed about it when you talk to them.
You don't need top a tier internet plan either, just don't go with local, mom and pop providers because I guarantee they don't have what it takes for you to be playing online games with their service. A basic 12mb plan with At&t or any other major provider will usually be serviceable.