Re: is this particular game even beatable?
Yes, that can be beaten.
Even if you're only making 1BB per hour before the vig, you're paying out 12 in time + an average of about 6 in rake + ??? tips. So if you tip less than $12 an hour, you'd be ahead. It's certainly possible to make more than 1BB/hour pre-vig in a good game.
However, this example does show the destructive nature of excessive time/rake/tips on a game. It's highly likely that that game can have only one long term winner under those conditions. SO be sure you're the best player at the table bar none. Even then it's going to be a grind.
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