I used eval() some times and it worked ok. Make a test... calculate the number of seconds (or microseconds) it will take to the computer to eval your code. (of course, in the delay will be counted the execution of your code, not just only the time it took to eval to "eval"...)
For seconds :
$start = ereg_replace(". ", "", microtime());
eval($my_code);
$end = ereg_replace(". ", "", microtime());
$delay = $end - $start;
echo $delay;
Microseconds :
$time = gettimeofday();
$start_microsc = $time["usec"];
eval($my_code);
$time = gettimeofday();
$end_microsc = $time["usec"];
$delay = $end_microsc - $start_microsc.
echo $delay;
Hope it helped.