If I'm not completely wrong, an increased precision should be possible (assuming the filter works as simulated).
Precision would mean in this case that a better short term stability would be achieved. This could help with some kinds of measurement like noise analysis or transfer.
Indeed, that is quite true, although the latter could also be achieved using digital prost-processing (assuming the transfer standard does not have a similar 1/f component). It is fairly straight forward. Noise analysis is a little more tricky due to the convolution involved and the assumption, that the DUT is most likely not showing white noise.
With the 1/f corner of LTZ1000 being around 0.3Hz, there is still a practical engineering challenge to be had with achieving a DC stable (vs. temperature) 0.3Hz LPF?
Do not forget, that the 1/f corner frequency moves up proportionally to the white noise component. The formula is f_c = h_{-1}/h_0. The h_α is the power law coefficient as defined in [1]. h_0 is the coefficient of white noise. h_{-1} the coefficient of flicker noise.
So if you push down the white noise spectral density (in V^2/Hz) by a factor of 10, the corner frequency moves upwards by a factor of 10. The LTZ1000 is spec'ed at something around 50 nV/sqrt(Hz), so lets assume a filter should get this down to 1.5 nV/sqrt(Hz), this would mean that f_c moves to 0.3 Hz * (50 nV/sqrt(Hz)/1.5 nV/sqrt(Hz))^2 ≈ 300 Hz. This is way more modest...
[1] J. A. Barnes et al., "Characterization of Frequency Stability," in IEEE Transactions on Instrumentation and Measurement, vol. IM-20, no. 2, pp. 105-120, May 1971, doi: 10.1109/TIM.1971.5570702.