Would you say that I was on the wrong track to begin with?
I'm not sure what you're trying to achieve, and I'm not familiar with Skidracer's fake multitasking.
When I say they're a hackish solution, I mean specifically in relation to game timing. They only ever slow your game down, they can't speed it up, so they're only solving half the problem. Granted you may hope that less than half the people are going too slow, but you get my drift. Moreover because anyone who is going too slow won't be well-served, it encourages you to overcompensate and set your fixed rate too low to make sure that most people are covered, and I don't like low fixed-rates very much. Furthermore, I'm not particularly fond of tying refresh and update framerates to each other, I think they work much better if you decouple updates from rendering, render at a fixed rate and render as fast as you can. I guess you could say, they're a perfectly good solution to half a problem.
In other respects, they may have perfectly valid uses, but as I say, I'm not sure what you're doing.