Okay, I finally got back to this and discovered that's it's only a problem in the WinIPAC utility (ver 1.0.16). It seems to work fine in MAME. (I really should of tried that before). Anyway, I'll pass this bug along to Andy
(It only seems to be a problem on that machine, however, as I tried the utility on a different machine [without an IPAC] and it worked fine there, although the response was slower than the others on that key. Weird!)