Not sure how something like this would work.
I'm only using an educated guess, but i'm assuming these virtual matches are pre-rendered, where as FM would require a more "on the fly" solution since the user needs to be able to alter the flow of the game either via shouts or substitutions and formation changes etc. And then theres the calculations as you already suggested.
If the game calculated the match before hand then yeah, i think something like that would be possible, but you can't pre-render a match before it's taken place because you wouldn't be able to effect the result and the processing times would probably be major.
Something along the lines of an older PES or FIFA game is probably more likely, with better animations, stadiums, visuals etc, just without player faces and fingers crossed, a great match engine.