Here's what you do first. Go into 24/7 mode and pick the Undertaker or some other pregenerated, high-rated guy (HHH). Page down to Wrestlemania and simulate everything until that date, then simulate WM. That'll give you a ton of cash, which you will need. That should unlock the "kits" in the WWEshop. The kits give you attribute boosts for your CAW. You pick the one for your primary fighting style. The premium kits give you an overall score of 80 with emphasis on the attributes most important to your style, the starter kits give you an overall of 60 with emphasis in the primary attributes. You have to buy the kit for each CAW separately, though, so if you want to create lots of CAWs right off the bat, I'd simulate the 24/7 mode multiple times to build up cash. There are no unlimited points that I've found yet, just the kits in the shop. After that, you can pretty easily build your guys stats up through training. Much less frustrating that way.
Or you can simulate through 24/7 as you said, make your first caw, buy the kit, and then you can copy that caw and make your other caws. The other caws attributes will be the same as your first and all you would have to do is change everything, but you wouldnt have to simulate time and time again.