Help with LEDs and their control

[edub]

Hello all,

I am building my first cab and want to keep the LED "blinking"/control simple. I would like to have the following basic functionality:

1. Game is selected (like Asteroids) via my front end (MA)
2. Coin button then blinks until pressed
3. When coin button is pressed, it turns off and PLAYER1 button blinks
4. When PLAYER1 start button is pressed, it turns off and the game begins.
5. Game over, repeat 2-5.

I'd like this behavior for Players 1 and 2. So, I need 4 transparent buttons for coin/player/1-2 and 4 LEDs. However, it seems like overkill to purchase something like the LED-Wiz. I just want to control 4 buttons, not 40. I am using the Ultimarc Mini-PAC as my encoder.

Is there a simple, inexpensive way to control the LEDs as described above? I apologize if this question has been answered before - it seems like a common need. If there is a post that explains what to buy and how to hook it up, I'd appreciate any links you can provide.

Thanks,
edub