You will NOT be able to simulate if you try an execute any button or an action list for an activity includes an IR code or RS232 code is present for a component that is attached to an extender.
For normal jumps, this will be OK. However, let's say that you enter an activity and as part of entering an activity, you are sending IR codes to switch inputs while jumping between panels or the IR Code action is inside the default actionlist of an Activity. If the component containing the IR code is indeed attached to an extender, you will get command failed and the remainder of the actions in the actionlist will never be executed.
It is highly likely that once you have a production-ready configuration, you will have such actions in an actionlist as you will likely be setting up your equipment for the task-based activity (Watch a DVD) you are entering. For example:
Jump Working-Please Wait 1 TVON Jump Working-Please Wait 2 Amp On DVD On Jump Working-Please Wait 3 Set TV Input to HDMI1 Set Amp Input to DVD Jump Working-Please Wait 4 Set Surround Mode DolbyPLII Jump DVD-Transport