1. Sure, it does. But once again, when you are starting to work with your design and didn't run TimeQuest, how can you know beforehand that multicycle constraint is necessary for this particular design ?
At the beginning you have no any information how your design will be fit, isn't it ?
I perceive applying timing constraint as "iterative" process: when starting with design the timing constraints should be as relaxed as possible ... only the mandatory ones (e.g. create_clock, etc.)
Then, running TimeQuest and analyzing results, you apply additional constraints (e.g. multicycling) if necessary to get finally your design without timing violations.
But applying multicycling "at once", without any feedback from TimeQuest ... frankly speaking I don't understand.
2. So, on your board the SDRAM chip is clocked by an external clock, and NOT by one, coming from FPGA ?
3. So, first you try to resolve timing issues using shift between two PLL-generated clocks and when this shift isn't sufficient, you use multicycling. Correct ?
Here I didn't understand one thing: if you use (like me) two PLL-generated clocks (one - for SDRAM chip, other - for SDRAM controller), what is usage of virtual clock ? What it clocks exactly ?