Plus, Fire Pro Wrestling is cheap ($15-$20), has a great create-a-wrestler mode (or create-a-fighter, I guess), and is the best wrestling game on the PS2 to boot. Every person with a PS2 and even a passing interest in wrestling or MMA should own this game. No excuses.
I used to have UFC Sudden Impact on the PS2. It was cheap, dated, pretty easy, and played just like the UFC game for the Dreamcast if that means anything to you. I made a pro-wrestler in the create-a-fighter mode, and made people tap to the figure-four. Fun enough for cheap, but I eventually traded it off.
If you decide to go the two round method, make sure you don't lose a round. Use a fighter you are comfortable with or the method King of Keith described because losing one round in a two round fight will not let you get Akuma or Gouken.