Yes, it's possible to change to camera positions.
All the data is stored in the nbacam.mgd file, which you can find in the MERLIN directory.
In NBA Live
2003 I was able to edit a few camera positions like the Baseline High camera.
It took me a few hours to change the camera from this ...
... to this position.
The problem is, I couldn't find the right positions to edit the nbacam.mgd file in NBA Live 2004.
Either I didn't notice a change of the position of any of the cameras or the game crashed.