I use onset times for poisons but not in any formal way, and potions always take effect in the same round (but maybe not the same segment) they are consumed.
One thing to note about poison in 1e: the Slow Poison spell, as written, could and would take effect even if the victim was already dead from the poison provided the death occurred less than 10 minutes (one turn) ago per level of the casting Cleric. (I suspect this one might qualify under the "Obscure Rules Often Ignored" heading...)
What this often meant in practice was that even though someone might die from poison during a combat a Slow Poison --> Neutralize Poison sequence applied relatively soon afterward would fix it.