Pretty sure that all fighters used 6 buttons, not 7 or 8. I find that when people have that number of buttons on their control panels, is so that they can more easily emulate other systems, like N64, or other, which had more buttons. Another reason for 7 buttons, is so that there are four buttons in a row. This is done because all Neo Geo arcade games had 4 buttons in a row like this. So some people like to add that 7th button to make that easier. I personally just have a pretty normal 6 button configuration, and I have to reach down to the second row of buttons for that 4th button (if used) in Neo Geo arcade games. It's not a big enough of a hassle for me to install a 7th button just for that reason.
Regarding the dedicated 4 way. I would say if you have a U360, then this wouldn't be necessary. If you do add one, it is, like you said, for the feeling of it being physically restricted, and more authentic that way. For me, I guess I'm not that picky. I think I can get away with just a U360 because subconscious, I must be making an effort to only move the joystick in only the four directions. So I guess it's really a preference thing. If you don't think the lack of restriction will bother you, then it wouldn't be needed.
The trackball computer mouse thing is always a good idea, IMHO. But the dedicated mouse buttons is always the tricky part. I put dedicated mouse buttons on my first arcade and I've regretted it ever since. I mean, if you do your job right, you shouldn't have to do all that much admin work. So having those buttons on there just adds clutter, and get in the way. On the other hand, it is nice to have them there when you are in Windows. So I guess that really comes down to two things. First, are you planning to only emulate MAME? If so, then you can simply make some buttons be dedicated mouse buttons. You can do this because MAME allows you to set mouse clicks as buttons. So, for example, you could set Player 1, Buttons 5 and 6 to always be left and right click. Then you can just map the mouse clicks in MAME and you'd be set. If you plan to emulate other systems, it's not likely that those emulators will be as flexible. Like SNES has 6 buttons on the controller. But if two of your six buttons on your CP are mouse clicks, then the SNES emulator probably isn't going to allow you to map those to buttons. At least no SNES emulator I've tried... So anyway, if you're just doing MAME, it's a non-issue. If you're doing other systems, then that leads me to my second option. The second option is to just get creative and find a way to hide them. What I did on my control panel, was that I hid a DPDT switch behind the coin door. When you flip the switch P1 B5 and B6 change inputs, and they will act as mouse clicks. When you flip the switch back, the buttons go back to be whatever keyboard press you set them up as. I like this setup personally, but I will admit, I get sort of confused if I ever forget to flip that switch back. But this is pretty minor to me. But that's just how I did it. It may also be possible, through some scripting, to get keyboard presses to act like mouse clicks, or vice versa. So that's another option you could think about.
About the location of the spinner... I fight the urge all the time to make my control panels symetrical. So I understand your urge to place it directly in the center, above the trackball. But like you mentioned, you can very easily smash your fingers while playing Golden Tee, or some Bowling games. So yeah, it's based to place it a bit off to the side, something like what you have in your initial draft picture. One other thing I noticed was that you have buttons above the trackball. Depending on what you plan on having those buttons do, that might not be a good idea. For instance, on my first control panel, I put an Exit button and a Reset button on the top above the trackball. Well when you play Golden Tee, or the like, you tend to hit the buttons as well. So I've quit many a game unintentionally due to the placement of those buttons. So again, that's something you will have to consider. Below is a picture of my control panel, with my 4 admin buttons split up on either side of the trackball to give you an idea of what I did. No spinner on this CP though... Then there are also the people on this site who dont like any admin buttons at all. And they hide them, or use hidden key combinations to perform these admin functions (ex: Player 1 + Player 2 exits the game).
