I do believe it would be hard to define the credit/RL hr exchange for a game that is somewhat complex. Why? because different things would lead to different exchange rates, if you gold run, you would get one rate, but if you build areas, the exchange is different, and if you gold run, but you do not know how to do it correctly, you might get less gold than someone who has been doing it for years, etc etc ... so, I think your question is an oversimplification and that is probably why it has not been answered.
I also think this approach to a 'pay-per-perks' game does not necesarily apply to every game of this type. The reasons are many. First, a new player, or someone who has not spent much time playing the game, will not only lack the skills, but also the knowledge that comes with playing the game for long. Now, I do not know IRE games in depth, but I am very aware that by merelly having a deeper knowledge of the game you play, you can overcome numerical disadvantages, be it having less levels, less classes, weaker weapons, or smaller skills. If a game is poorly designed, and knowing how to use your skills does not play an important role on the outcome of PvP interaction, then your example is totally right, the player who spends the most or plays longer will have an advantage and you will have to play against weaker players. But you stated clearly that you have about 10 hr/week to play, so, it would also be imposible for you to compete against the average college player, who usually plays longer than 2 hrs a day.
Now, I assume IRE games are appealing to a large number of people in part because they are not poorly designed (again, I am not privy to this information because I have not played any of them long enough to know), and for a game that has been open for long time, the balance is usually very solid (things tend to go toward an equillibrium, and is the developers job to rock them a little to keep them alive, moving this equillibrium a little). So, if we accept that a game that would appeal to a large number of people is probably well designed and not simplistic enough for it to be (if (credits(A) > credits(B)) -> A wins else B wins), then I believe it should be posible to play and enjoy a playing said game without spending any money and being able to compete with many people (depending on how much you spend in time to learn the game, advance your character via other means, etc ..).
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