This can be done in any game you don't simulate, including My Player, as long as you don't simulate while you are subbed out. Sliders may also be used to make sure that last shot goes in easily as well as turning off shot clock and 8 second rule so you can hold the ball beyond half court and let the time tick away. Just make sure you are down by 3 and let it tick down to the last 1.5 seconds and let your 3-pointer fly. You can also use 2 controllers to really control the game.
Set it up for 7 minute quarters no matter the gametype so you can also set yourself up for:
The Hold the Fat Lady achievement in NBA 2K11 worth 50 pointsStart the 4th period losing by 10 or more points and win with any team, in a non-simulated game. In overtime you can make it even and win with another no time left shot for:
The Buzzer Beater achievement in NBA 2K11 worth 48 pointsMake a game winning shot with no time left on the clock, in a non-simulated game. Personally I did this during an Association game to count towards the 30 games needed to be played in my conquest for:
The Home Court achievement in NBA 2K11 worth 110 pointsEarn the NBA's best record in The Association mode (at least 30 games played). So there you have it, 3 achievements and another association win out of one 28 minute game instead of playing through three different 20+ minute games.