Your definition of unacceptable likely doesn't match mine. I've suffered through two decades of painfully slow hardware and software and here's what I've learned about myself: As long as software works, I'm willing to tolerate what other people would find "unacceptable". As an example, I've played multiplayer FPS games at 2 frames per second in the past and still found them entertaining to play and therefore acceptable. The past four years of software development have been a near joyous experience with responsive hardware and software at my fingertips.
Anyway, you could add a checkbox "Emulate EPT in pure software" and then throw up a warning tooltip that the performance will be horrifically bad before letting the user continue is a possible option (or do one of those hidden config things where the raw VMX file has to be edited). Personally, I would find the risk acceptable and proceed as long as the Windows Phone 8 emulator sort of worked. But I totally understand that you have a much larger audience to consider than just one person. If you decide to add it back in, that would be cool. But my general hope is that I save someone else the pain of what I've been through with this thread.
Thank you for taking time out of your day to reply to my post.