Much as I would like to recommend my roster (the NLSC roster, which features a version with DK's tweaks), my honest opinion would be to use the one you like best. But hey, give mine a shot.
A lot of people seem to play with all rules, 6 minute quarters on All-Star. The difficulty level depends on your experience and skill of course. I've found that there is no obvious difference between simulation and arcade mode, but if you do, then set it to your preference.