Hey PL1. I hope this pic dissolves your confusion.
Nope.

Let me ask another way.
What emulator are you going to run on this? (MAME, MESS, NEStopia)
The labels that you have used seem to correspond in MAME to:
"1st Player" Player 1 start - 1
"2nd Player" Player 2 start - 2
"Exit" Exit - Esc
"Start Button" Is this supposed to be P1 Coin - 5?
-- Original-style Power/Reset buttons - Looks like a great plan.
Power button - Are you planning on disabling the latching function to make it momentary to power the system up/down?
Reset button - Not sure what you're planning on using this for -- might be a good exit button.
IF you are running MAME and
IF the butttons are assigned this way, that raises two things to consider.
1. You may want to find a different location than the turbos for the exit button. It seems like it would be really easy to accidently hit it instead of Player 2 start.
The reset button might be good for exit
or if you use an encoder that supports shifted functions, you could use P1 Start + P2 Start for exit.
2. You may want to consider having a P2 Coin button for TMNT, Simpsons, Gauntlet, etc. since those games assign credits based on which "coin slot" is used. Right now P2 can't play those games.
Scott