Since you're in the T&M world, I wonder what kind of approach you guys would use. I've done a couple PCBs involving a micro driving a triac and some sort of current monitoring, and usually end up testing with a couple light bulbs or an AC motor to get a fuzzy idea of "works" or "not works."
To paraphrase Tolstoy*: all resistive loads are alike, each reactive load is reactive in its own way.
It might be possible to use a programmable electronic load to draw current (in CC mode) as per a user-define profile, e.g. draw 1 amp for 20ms, then .5 amp for 80 ms, etc. but I haven't personally tested that (yet).
I think the potential issues here would be switching speed (how fast can the electronic load change the amount of current it's consuming) and the "transient response" (when it switches to a different current level, does the current change as a step-like function or is it smoother, is their "ringing", etc. etc.).
It's a really good question, but one I probably need to spend a little more time thinking about.

* "All happy families are alike; each unhappy family is unhappy in its own way." -- the opening line in Anna Karenina