When I was working on my Masters (in multi-phase flow) I reviewed a large number of Master's and PhD theses on the subject. Everyone was doing CFD (computational fluid dynamics) and claiming amazing results. One paper stands out--the guy wrote up his model for over 300 pages before he put in "my results consistently matched measured data +/-70%". +/-70% is markedly worse than flipping a coin. The problem isn't that the guy is inept, the problem is that each flow correlation is assuming a steady state single flow regime (i.e., slug, annular, wavy, etc) and steady state in multiphase flow is non existent.
Flow regime will change many times per second and a correlation that works for wavy flow will not work for annular flow. The changes are random and happen on their own schedule. You can spend a bunch of money on OLGA or HYSIS or PipeSim or PipeFlo, etc. and you'll get numbers. You can then take those numbers to 9 decimal places and pretend they mean something--they don't.
It isn't hopeless, but you need to REALLY be certain about (1) what it is you are trying to do (will someone get hurt if you get it wrong?); and (2) what sort of reliability and repeatability do you expect. Typically you will have to lower you "accuracy" expectations dramatically.
David