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You don't need to simulate the full universe. Just the experience of consciousness inside it. You don't even have to simulate full consciousness for every 'conscious' being. In fact, I've always seen the simulation argument as a thought experiment arguing for consciousness being more fundamental than matter. There is no need to imagine a human made computer simulating an entire universe in subatomic detail for this thought experiment to intrigue us.
We being able to pinpoint a start of all time is actually a pretty good argument for it being simulated. Why would we be able to calculate a 'start time' for reality? That is not obvious to be a necessity at a base universe at all. There are theoretical cosmologies out there that do away with that need to conceptualize a universe.
The simulated universe doesn't have to run time faster then 'real time' at the base universe at all. In fact, running slower would be a feature if the beings in the base universe wished to escape into the simulation for whatever reason.