I built a 4p panel. I'd generally back Javeryh up on his comments, though. There's not a lot of games for 4p. But, meh, I went for it anyway. Then again, my cab isn't your typical fair either

You're thinking right about the 3-4p, 3 buttons should be plenty.
The SHIFT function on an ipac is handy, but be prepared to have a cheat sheet or something, cause it's real easy to assign those shift keys and then completely forget them

If your cab will have a coin slot, you may not need the coin buttons. I'd probably put em in anyway, it's just more convenient.
As for admin buttons, I've got a PAUSE and EXIT. I've also got a wireless keyboard that I can tuck out of the way for any weird stuff. Personally, I haven't found a need for any other admin buttons. I use CABVOL with my spinner to control volume, and I use a shifted key set to allow easy access to SAVE/RESTORE GAMESTATE for 1-4 states (Mame will do 10, but I've got em set for the coin buttons 1-4)
You might consider using U360's for P12. They have, I think, 8 button inputs right on the sticks. If you go with 4 of em, you could easily get by with just an IPAC2. They are SO NICE for the remappability. I'd highly recommend them if you can somehow swing the budget. I've got 2 for p12.