Gotcha. Yeah, when I was playing with high speed stroboscopy (which, I’m kind of toying with again in my mind), I got pretty heavy on the electronics of it. Most of the lag is going to be in the camera itself. As I recall, a good, solid lightning hit can be 100-150 mS, where as the quick and light strikes are closer to 50-60 mS. The triggers will have an internal lag between 0.1 and 10 mS, and can usually be dialed higher for other purposes (at least, my DIY can). Most good camera bodies have 40-60 mS internal lag, and cheaper consumer models can be up to 100 mS. So, worst case, you figure 10mS trigger lag plus 100mS camera lag, gives you 110 mS total, and only the biggest bolts are going to be caught.
Edit to Add: Now that I have access to the calibration tools that I have access to, I can probably find out exactly how long my trigger lag time is. Might have to take bring it in on my next night shift.