Can you set up a DOS VM such that it replicates the performance of an 8086?

I had a Joust game that was built for the 4 MHz 8086. I then got a 286 that normally ran at 12MHz, but could be throttled back...somewhat. Unfortunately, the way you flew in the Joust game was by hitting one key. You were always sinking down, and the faster you hit the key, the higher you flew. On the 286, even with the speed throttled back I could barely hit the key fast enough to get off the ground, and then only in short hops.

I don't have a copy of the game anymore, so I guess it is purely academic curiosity (I got the game while in academia).