> I just doubt whether it's physically possible.
Biological brains achieve their ends with relatively low speeds and energies. Even simplistic substitution with equivalent electronic components would be hundreds of times faster, and I'm sure we'll do better than that. I don't see the difficulty in the conjecture.
> I also doubt very much that cognitive labor is the constraint that limits human progress
That statement is impossible to discuss without defining "human progress", but if the work of the world's universities for the next 100 years was available in one year's time, at the very least someone with access to that information would have a significant competitive advantage. It seems clear that the next 100 years will include significant advances in automated fabrication, at which point physical labor also essentially becomes cognitive labor.