I have some very exciting news to share. The emulator connected to the console panel has just run a rudimentary IBM 360 program.
Chris Bigos has provided me with ROS listings and control field definitions for the IBM 7201, an improved version of the model 65 used in the IBM 9020 complex, which was developed for the FAA for air traffic control.
Based on that information, I've put together a partial (very incomplete) emulator that is capable of running a simple 2-instruction program that counts up from 0. The program can be toggled in from the console panel.
The new emulator sources can be found on the wiki at http://ibm360-console.wikispaces.com/emulation.
Here's a short movie of the counting emulator: