Yeah, you can simulate an entire Player vs. CPU match in training mode by tweaking the options there. Obviously turning life recovery off is the big one - it means characters can and will be KO'ed. You'll probably also want to set HC recovery off and starting at level 1, since that's how a real match starts.
When the "match" is over, another one starts IMMEDIATELY, with no loading at all.
Training mode is incredible in this game.

I barely beat Phoenix with him.
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