After getting a reply from the Amiga Man himself, I have now got it working.
I was fixated, getting the "BleedingEdge" archive working. I admited defeat, and tried the 20050606.zip. That worked fine.
AIAB is several times slower than AF on EUAE, the speed issues could be with EUAE, the SDL library or my EUAE config. With the same config settings AF runs about 10 times faster than AIAB!
I have made two configs of AIAB to test with EUAE, one with all the latest bells and whistles, and one with older software which needs less resources.
EUAE seems generally slow on my G5 1.7Gig iMac. Its not the Mac's fault
I am also running virtual PC 7, and can happily run Windows XP on my Mac at very good speed indeed, faster than some real PC's I know!
I have posted an image to 'Misc Amiga Images' of EUAE running Amiga in a box on my iMac G5
Now for lots of testing, unfortunately this might be a bit slow, as I have started a course at the Open University