They will work, but poorly.
You can see where this is going, cant you?
I would drop in 2 u-360's for players 1 and 2 ($160). That way, P1 & P2 will have 2-4-8-49-analog switching on the fly on a per game basis in mame. Its so nice.
Put in a couple of $10 zippys, or if you wanna spend more 2 sanwas or seimitsus for the other 2 players. All of the aforementioned sticks are 2-4-8 way switchable. Bryan @ paradise also has an inexpensive joystick interface that will handle 2 players and a bunch of buttons, for like $28. Gauntlet is actually not bad with an 8-way, IMHO. How often you gonna have 4 players around? Probably not very often.
$160 2 u-360's
$20 2 zippy
$28 1 interface
$30 a bunch of buttons of your choice
You could always replace the zippys in the future as finances allow.
ultimarc for the u-360's, paradisearcadeshop for the other sticks. Have fun!