yeah that'd be pretty cool.
It'd be weird though since the game tends to be more rpg than rts, even though it has elements for both.
I dunno, if you think about it you remove the pausing and add real time on a normal scale, no fast forwarding like if you hold control + space. You could still have character development, could still have AI, could still have AI kings and EVERYTHING.
Could you imagine one player helping one of the claimants while another is fighting for the main nation the claimant is rebelling against? Would be seriously awesome.