If you're seeking a sim experience with stats close to an actual NHL game, such as amount of penalties, I think it's going to be tough with 4 minute periods. That short a time likely will lead to a more arcade type of game - if you're racing up and down the ice peppering shots on net and not setting up in the offensive zone cycling or grinding on the boards and in the corners, it's going to be tough to draw many penalties.
The game gives what you put into it. It's fine if you prefer up and down action in a compressed amount of time but the tradeoff is you're likely not going to get NHL numbers, and subsequently very many penalties. I've found 7 minutes to be the sweet spot for my style of play (a more sim approach) and consistently get 4-7 power plays per game. I have CPU penalty sliders at 100 except for delay of game at 60 and holding at 87. This is my typical stat line (captured before OT, I play as Vancouver).