Since you alllrady cuted the stream into pieces, with "best used by" date, you shouldn't even have to worry about timing at all.
The question is just if the maximum time a filter needs is still in time on the specific computer in the a specific load-situation is still within limits. Thats something decided by the user and the coder of the filter. If a package is done faster, no prob....
So the question is, how many free cycles you still have after applying the effect to every sound-bit of the stream, and wether that is enough for decoding.
If not, you'll need pre-compiling (no decoding during run-time).
Hah, now I'm quite happy again doing the completly timing-issue free stuff I'm doing :-D