I think we just mean different things by “human level”—I wouldn’t consider “human level” thought running at 1/5th the speed of a human or slower to actually be “human level”. You wouldn’t really be able to have a conversation with such a thing.
And as Gurkenglas points out, the human brain is massively parallel—more cores instead of faster cores is actually desirable for this problem.
I dunno. I’d be pretty happy with a system that produced reasonable output when staffed with idiots, because that seems like a certainty. I actually think that’s probably why democracy seems to be better than monarchies—it has a much lower requirement for smarts/benevolence. “Without suffering” may be a high bar, but the universe is allowed to give us problems like that! (And I don’t think that democracy is even close to a complete solution.)
EDIT: Also, perhaps the entirety of the system should be to make sure that an “utter genius with leet rationality skillz” is in the top position? I’d be very happy with a system that caused that even when staffed by morons.