I think being more than 2 pawns down would suffice for a resignation against a GM, but I have also seen a lot of GM simul games where they have played it out to mate.
I say, if he offers you a draw in a late middlegame position, just take it and brag around. If you decline, you'll probably go on to lose anyway.
It should be amazing to start OTB chess with playing against a GM, have fun, good luck, and don't forget to post the game here later. 
So after 2 years of playing almost entirely online, I am making the jump to OTB play. Naturally I chose GM Alexander Onischuk as my first over the board opponent. Ok, so its a simul, but I'd still like to spare myself of making an embarassing mistake (and not a chess mistake, I know that'll happen... a decorum mistake). I went out and joined USCF, bought a tournament chess set, timer, and score book (not the timer or USCF membership are necessary for the simul, but I'll be in a tournament next week), and read an article or two on simul tips/rules (btw a good list for others looking for tips and rules for simuls can be found here -- http://www.chessblog.com/2009/08/chess-simul-top-10-tips.html).
Are their any other bits of information I probably should know but don't? For instance, I have no plans on offering a draw in the opening, like I read about others doing a lot, just to say I drew against him (I want to play long enough that this game costs at most $1 per move), but what if he offers a draw? Is it bad form to decline a draw offer from a GM in a simul when its not a clear draw yet? My instincts tell me no, but my instincts also tell me offering a draw in a dead-drawn position when you are down material is fine, and I know that is a hot topic. Also, at what point is it more polite to resign than to keep playing? If I am down a pawn, I assume that's fine, but if I'm down two pawns, or a piece, or more likely a queen, a rook, and a piece should I just resign and give him more time to think about the other games?
Any tips on decorum are welcome, as are tips on playing Onischuk. Luckily I have had 4 months of practice against him with the Chess.com vs. Onischuk vote chess game.