Isn't "real time" a concept that is somewhat biased by the frame of reference, i.e. it would just have a different concept of "real time" and consider our "real time" to very quick?
I very much doubt that a paper simulation could keep up with real-world events, and would immediately fall irrecoverably behind them, but if that simulated mind existed in a corresponding simulated world, then that world's pace would define realtime as experienced by the simulated mind.
