have you considered using the SMTest Tool to verify the Policy Server?
or is this full loop, in which case i would suggest using the profiler on the PS to capture....
components: AgentFunc, Server, IsProtected, Login_Logout, IsAuthorized, Tunnel_Service, JavaAPI, Directory_Access, ODBC, LDAP
data: Date, PreciseTime, Pid, Tid, TransactionID, AgentName, SrcFile, Function, Domain, Realm, Policy, Rule, Resource, User, Directory, ErrorString, ErrorValue, RequestIPAddr, IPAddr, IPPort, AuthReason, ResponseTime, ExecutionTime, Message, Data
this should tell you the number of items in queue ("current count is ...") as well as the time taken to execute each item and allow for full transaction analysis on the PS.