Reconfigurable computing architectures aim to dynamically adapt their hardware to the application at hand. As research shows, the time it takes to reconfigure the hardware forms an overhead that can significantly impair the benefits of hardware customization. Multi-context devices are one promising approach to overcome the limitations posed by long reconfiguration times. In contrast to more traditional reconfigurable architectures, multi-context devices hold several configurations on-chip. On demand, the device can quickly switch to another context. In this paper we present a co-simulation environment to investigate design trade-offs for hybrid multi-context architectures. Our architectural model comprises a reconfigurable unit closely coupled to a CPU core. As a case study, we discuss the implementation of a FIR filter partitioned into several contexts. We outline the mapping process and present simulation results for single- and multi-context reconfigurable units coupled with both embedded and high-end CPUs.