Offline Mode Time Attack is pretty much the same thing as arcade only it always has two rounds, and there is an achievement tied to the speed in which you complete it. As always make sure your difficulty is set to easy to take a little bit of an edge off.
Now then, there's the obvious path which would be to use a character or two depending on your style whom you are comfortable with but there's an easier way using the DLC character "Angel". Set your left and right punch buttons (x/y) to the left trigger as that does nothing, this way you have her laser at the press of a trigger. Using this the AI rarely ducks under it, and even if they do you have your spare character whom you excel with. Use this one to get some space and switch out accordingly. Thankfully this one is a bit easier than survival with life management.
You can continue, but your team cannot be changed so make sure you practice a bit before making your run. Using this method I completed it in under 10 minutes so even with quite a bit of trial and error I'd say this is very possible. If there's anything you'd like to see added feel free to comment below.