I've used Azure Access Control quite a bit directly in Azure using my MSDN account. What I am wondering is if it is possible to do Azure Access Control exclusively within the emulator? If so, how would one configure it (since all the configuration
lives within the ACS online service)?
There is no emulator for ACS. Unfortunately I don't think there will be one anytime soon either, as you would have to get the four built-in IdP's to work locally and that would be a configuration nightmare.