CatchaProspect,
I disagree with your statement that if you exchange out front your throwing hand will be late since the feet will be ahead of the hands. Bottom line is the hands are much faster then the feet.
I like my catchers to catch and exchange out front. The goal is to have the throwing hand back and up in the launch position when all of their weight has transfered back onto the right foot. The right foot should be positioned so the instep of the right foot is pointed at the target. When the left foot comes off the ground, the hips will naturally want to close.
The clip below shows this technique. Notice the exchange out front and how the throwing hand is up and ready when the weight transfers back to the right foot. This is even with a pitch that was well to his glove side. You will see he actually had time to over rotate the throwing arm a bit. He's since fix that issue.
Throw to 2nd