I'm exactly one data point but my first GMAT test appointment was a 4pm one if I remember right (like an idiot I made 7 or 7:30pm dinner plans and was feeling a little nervous about potentially running late...*that* was on my mind during the test which in a way wasn't terrible because it at least gave me something trivial to be stressed about instead of test anxiety).
A couple tips if you're going that route:
-Don't work all day. A half-day might not be a terrible idea just so that you get yourself up and moving and aren't dwelling on the test all day, but don't work all day.
-DO NOT study all day, or overall dwell on the test all day. The worst thing you can do is just let the test hang over your head all day because then it becomes this momentous, all-consuming thing. So definitely get your brain moving in the morning since "all day" is a long time to ignore/avoid the test and you'll want to get your head right. But find something to do in the early afternoon that's non-test related. Exercise (but not way more than you normally would...you don't want leg cramps mid-quant-section), take a nap, go for a walk, do a 90-minute Netflix binge. Your biggest negatives will be either the exhaustion of studying all day or the nervousness of just thinking about it, so plan for an hour or two of letting your brain relax with something else you enjoy, or with something that lets your subconscious do the lifting (if you're going for a run and your brain kind of works through your strategies, that's great...if you're sitting at a desk all day looking at flash cards, that's probably not great).
-REMEMBER that peak performance can happen in the evening! Nearly every major sporting event takes place at night (Super Bowl, NBA Finals, Olympic 100 meters) and the champion has dealt with that stress of all day leading up to the main event. So it's not insurmountable. So much of test day psychology is mind over matter if you dread the idea of an evening test because you think it sets you up for failure, you're going to do poorly. If you hype yourself up with "Prime Time / Friday Night Lights" kind of mindset, you'll do better. See the positive in it.
If it were me I'd 1) do some review in the morning; 2) go for a run or walk in the late morning / early afternoon and just kind of let my mind wander...I'll think about the test but mainly with my subconscious which should just kind of center me on my best practices, the big mistakes I want to avoid, etc. 3) lay down and try to take a nap with the TV or music on (and several alarms set in case I fall deep asleep so I don't miss my test...but that's not likely going to be a problem), and 4) walk into the test center confident telling myself "all championships are won in prime time, and this one will be, too"