Simulating light-travel-delay like that in SE would be exceptionally difficult, bordering on the impossible. SE doesn't even do rotation of stars around the galaxy, let alone actually evolve them and the host galaxies. Computationally this would require supercomputers.
Watsisname, it is possible within the limits of the engine, though really pointless to do in the current version with all these time controls. Completing multiplayer version will make the idea working (at least within single star system), but really it requires a lot of computational power and tweaking to store all the events happened in the system, as wavefronts of their light-cones will expand into the interstellar space doing only 1/8 a.u. per minute. With big binary system it can take up to a week to make the event completely disappear.
HarbingerDawn, in fact, only recently I discovered that red shift effect really exists in SE.