Well, the Simpsons games (and everything else on that hardware) ramped up in difficulty as you added players. 4 Players on that puts a zillion enemies on the screen, it is more confusing than it is fun.
Never played Turtles with more than 2 players, and the only times I even did that was when I had my own TMNT machine (4-player boardset, but in a 2player cabinet).
Your NBA Jam mention did a spark a memory, I think have seen that going with all 4 players at once.
The 4 player cocktail games are a different beast altogether. Nobody (that I know of) has made any cabinets that can handle Atari Football, Quadrapong, Sprint 4, Demo Derby, Dunk Shot, Warlords, or that soccer game whose name escapes me at the moment. Those were all much better 4-player games because you weren't crammed up against the other players, and they weren't beat em ups,which scale badly with multiple players in my opinion.