I don't think the VC-10 sim is a good one for comparison, as I guess it is of a similar age to the a/c.
Our sim is pretty swept up (BTW, it IS ZFT and it IS harder to control than the a/c on EFATO - I have had both) and has full mission capability. It is used for tac/at multi-ship sorties, L/L NVG, AAR, and the whole conversion cse, with only 2 local fliers prior to LOFT.
I'm sorry, but you still can't justify a flying IRT if the sim is up to it. I agree, it sounds a good day out, but jollies were stopped years ago by the moral hoovers at ASCOT.
As I said earlier, some exposure to the aircraft is essential. Not only for handling, but for exposure to the whole dispatch? system, and whole crew flying.
If we did all our training in the a/c, then every sortie would require a qualified ALM, and they are a pretty scarce commodity these days.
In days of tight budgets, we cannot afford the luxury of "real" training. The money can be better spent on maintaining capabilities, and new kit.