The easiest way is to start the WAV recording, pause the MIDI at the beginning, increase the tempo, and then touch on Play. But if the MIDI file has tempo changes I'm afraid this will not work, as that will override the tempo you just set... If the MIDI has tempo changes, maybe using a MIDI editor on the PC is your best option.
And about Audacity, it's a great tool, but nothing done on the wave file will be the same as playing at a faster speed, as of course each instrument will sound different when sped up (even keeping the pitch). Just like changing the pitch is not the same as transposing, although if the pitch change is small, the difference will be subtle.