You could do something like:
Player A has hit (by random variation) 5 consecutive shots. For each his next 5 attempts, his probability of making will be increased by 10%, after which it will reset to 0 (or over a span of X minutes/end of a half/time out/etc).
Player B has missed 5 consecutive, so his probability of making his next 5 shots will be decreased 10% (or over a span of X minutes/end of half/time out/etc).
The hard part comes in with distribution and other game areas, as people would inevitably say they want their hot shooters to have an increased distro and their cold shooters to shoot less. So you could add two new columns to the distro for hot and cold settings, or have a team wide setting to adjust distro by so many points for hot/cold shooters. Also people would say they'd want their team to automatically call a time out if a shooter on the opposing team gets hot or leave a cold shooter uncovered, things like that. Also, should it be harder for a center (shooting from 5 feet) to get hot in comparison to a SG (shooting from 20 feet)?
It's possible, just would require covering a lot of different areas and doing a lot of testing to make sure there aren't ways to game the system.