Well, it shouldn't be a "impossible" task. I remember that one forum member had his GK as penalty taker
About the formation/moduel issue: I would go with the 4-3N-2W-1 or 3W-2N-3-2... A simple 4-1-4-1 could work as well, but you never know nowadays. Perhaps you should just pick your best 11 players and go with it, sometimes it does the "trick".