The issue is that AFAIK you cannot continue the sim via maxscript.
I found the script I was thinking of (and remembered why I never posted or used it beyond testing) and it will indeed render every frame at every simstep BUT what it does:
sim frame 0/render frame 0
sim frame 0 & 1/render frame 1
sim frame 0,1,2/render frame 2
ect., ect., ect.
So it increments through but needs to resim everytime. Making it quite useless 
I remember also testing the maxscript functions from with the FumeFX interface and couldn’t get them to function as I wish either.
You need the ability to either call and load a snapshot via maxscript, or the calculate one step needs a maxscript function (not good if you simming more than 1 step, I guess it would make for a good timewarp though:) ) Neither of which are available currently AFAIK (as Bandu had already mentioned).