Success!
It's not freestyle passing. It's just like faking shots in FIFA games. Now Andrew, I understand you and I have different consoles, so I'll explain it without mentioning PS3 buttons.
You tap the shoot button and exactly afterwards, you tap the pass button. Basically like the double-tap up and under post move, except you tap the pass button afterwards. I only tried it on the perimeter, but I know it's possible to fake lay-ups and pass it.
Also, I've had some successful 3rd and 4th quarter timeouts! I don't sign in to EA before playing a game anymore, and I guess that's worked for me.