a 4-2-3-1 like Man City play requires the following type of players:
GK: Normal gk
Full-backs: Great stamina, work rate, and teamwork. They need to constantly provide width and reach the byline. IMO, the most important part of the formation. If they can't get forward and back quickly, you're team will struggle both in attack and defence. They should be set to a high normal mentality and run from deep often. Crosses to byline unless you have a great header of the ball, then try mixed.
CB's: Usual great cb traits. If you'll be playing with a high line (which I recommend with this tactic, although a deeper counter attacking one can work) they'll need speed, strength and anticipation.
MC's: These two are defensively solid, I'd use a BWM and CM on defend. Good passing, teamwork and tackling needed here. One acts as a defensive anchor, while the other can venture further up to offer a backwards pass to retain possession when trying to break down the opponent at his box.
AMC's: Here is where the tactic will rise or fall. I'd use three attacking midfielders, with Run from Deep and Through Balls all set to often. Two should be excellent dribblers and run with ball often. The idea is that they should be constantly on the move, dropping in and out of space, running beyond the striker with and without the ball, swapping position etc etc. They need Dribbling, Creativity, Passing, Acceleration etc.
Striker: Any type will work in theory. Although, I'd not use a poacher, and prefer a more physical presence able to link up play. The AMC's need to be able to run beyond this guy, so a poacher or advanced forward might be too far forward for this to happen, and thus make everyone easier to mark.
I'd recommend a high line with good pressing, shorter passing and aggressive tackling. I'd play at a quick tempo, but width should be experimented with. If you're getting a lot of good possession but not many chances, you could be too narrow and finding it hard to break the opponent down. If you're getting good chances but not dominating possession, you could be too wide and not finding your passes.