Frictionless puck
Select the teams you want to play with but do not press Start. 
Hold A and B on Controllers 1 and 2 and press Start on 
Controller 2 for a frictionless puck.

No goalies
On the Title screen, while holding A and B on Controllers 1 and 2, 
press Start on Controller 1 for no goalies. This only works in a 
one-player game.

Super puck
Hold A + B on both controllers, then press Start on controller one
at the at the player selection screen. Hit the puck and hold B button.
The puck will keep moving as long as B is held.