--- Quote Start ---
I'm using virtual pins as i/o on the component, since there are too many pins. That is still synthesizable, right?
--- Quote End ---
Yes in that it will tell you how many resources are used in this design.
No if you want to actually run in on a chip. Virtual pins are just that - virtual. They have no connection to the outside world so you have no way to get any input or output to them.
Also, the internal simulator only simulates synthesised designs. You would be much better off doing an RTL simulation in Modelsim, as you can more easily debug your code and trace the signals through your design.
PS. Quartus 10+ has no internal simulator.
Honored Contributor
