Please, no real time. I have problems playing starcraft at the lowest speed. My hands are shaking after every game I play.
COntinuous turn based battle was an idea I also intedended to use. It was for a space war fare game.
First each player selected their formations and decided a movement pattern they were going to use ( they did not move individual ships). Then they would have decided how many fighters stayed on defense and how many on offense and select the primary targets for fighter. Finally, the player would set priorities like target that type of ship or weaker ship, etc. After some battle, the game would have stoped and ask the player if he would change their strategy, then the battle would have continued. A battle was supposed to last 4 turns, because the ships where passing though each other to exchange fire, so after the time is exhausted, ships were too far from each other to continue fighting again.
I think elemental could use a system like this. I prefer that the game stops by itself and ask you for new objectives and new spells to cast. This is especially good in multiplayer because each player pause the battle and get to play at the same time. It also removes the stress of watching everything and trying to pause at the right moment. When the battle is split in segments, you know that if something bad happened, you cannot do anything to patch things up until the segment ends. So it prevent the players from pausing at every 2 seconds.
So personally I thing that predetermined pauses will remove stress during battle and will make them easier to enjoy by watching your army fight,