The only setting that matters for this achievement is the quarter length. 5 minute quarters are minimum for this achievement.
Other then that, you can turn off all NBA rules, and turn User/Computer Sliders up/down.
This can be one of the few frustrating achievements in 2k12. For this achievement you want to have free throw difficulty down to 0. User 3 point success to 100, cpu contest shots to 100. Also you want to have Shooting fouls turned on, and frequency to 100.
Pump faking is your friend here. Try a few pump fakes to get your defender in the air, once he jumps, shoot the 3. You can also try running into the 3 point shot, and the into the defender.
This can be done with 2 players, so it would be possible to have a friend foul you as you shoot the ball. The 3 pointer needs to be made, and you need to complete the play by hitting the free throw.
Easier version of 4-point Line from 2K11: 2 controllers
Win the tipoff with the controller getting the achievement.
Give ball to shooter (PG,SG,SF,etc.)
Shoot and intentional foul (using the back button) with both controllers at the same time.
Keep repeating until shot goes in. Then make the free throw.