Yes you can set it up. However, if your on the ps3 I believe 2 of the teams that are in the World Cup are not in the game unless one of the Option Files you get includes them. So worst case you have to replace 2 of the teams. Other than that yes you can set ot up.
Play by Play is ok. The presenation is good IMO but it just plays out as a cup so not sure if there is extra presentation per se.