I think you know the solution by now, but as I found my own problem and found the same place to solve your problem. This is it.
Look in to CCDirector.cpp file, then in
calculateDeltaTime() method (base on v.2 but I think it'd be similar for v.3). Look for
// If we are debugging our code, prevent big delta time
if(m_fDeltaTime > 0.2f)
m_fDeltaTime = 1/ 60.0f;
I think you can change the threshold there.