After watching The Big Show and IM Rench's simuls often, I would say usually even when the player has a better position than the IM usually they blow it because most lower rated players don't have the endgame technique to convert a win against resourceful competition.
If you were be able to play against a GM in simul, how would you prepare?
I played 4 simuls in my life:
1st: (against an IM): played a KID. He played a line I had never seen before (h3 system IIRC). Got a very bad position out of the opening and I was getting ready psychologically to suffer a quick and painful death. And then .. he blundered an exchange. Thinking back on it my position was probably winning. He had the bishop pair though and that day I learned what a powerful weapon it can be in the hands of an experienced player. He very slowly continued to improve his position while I was clueless as to what to do. I lost of course.
2nd (GM): Got crushed. Had a losing position after 15 moves.
3rd (GM): Got crushed in the same fashion
4th (GM, at the time he was an up and coming player around 2500 now a 2700 super GM which makes the memory even more painful now). He had a pretty strong attack on my king and I don't think I would have survived very long. And then ... he blundered a full piece. Considering the attack I wasn't even sure if it was a sacrifice but he confirmed it was just a blunder after the game. I played passively and lost quite quickly.
So my advice:
- Your best chance is to get into a tactical struggle. Ok most of the times you'll be the one blundering the piece but the last thing you want is to get into a "simple" position. These guys play endings too well.
- Play actively, look for counter-chances.
You will undoubtedly lose, so why to bother?