Principally it is possible to create a real-time combat system but as far as I noticed there would be some notable limitations; and they touch, primarily, features a hack-n-slash game would absolutely need.
- you need to press two buttons to attack enemies (ctrl + click)
- you don't move to an enemy if you ctrl+click on him and hold the buttons; you have to set your 'waypoint', wait for arrival and attack then
- so you need to target very precisely to hit (means you would need quite big enemies; but that's convention of the genre)
- there is no permanent attack when you hold attack buttons
- animations are too slow (could be changed though)
- EE forces you to wait for the animations being completely executed until you can attack again
- no pause option (problematic for real time combat where you control several characters; for hack n slash it does not matter)
These are the first things I can think of. Real time combat in general would be okay, I think (already tried it out a bit), as long as you control just one single character. But the hack-n-slash would be more a click-n-fail game.