my PL1 button
You have a "Scott" button?
Well . . . I'm not an admin so I guess that's OK.

What would be wrong with:
UP + PL1: COIN
RIGHT + PL1: EXIT
DOWN + PL1: PAUSE
LEFT + PL1: TAB
It's not a question of "wrong", but a question of balancing advantages, disadvantages, and personal preferences in a multipart equation with variables that include:
- Functionality
- Ease of use
- Ease of use for wife/kids/guests (as applicable)
- Possibility that someone will mess up your setup (see below)
- Aesthetics
If someone says, "I just wanna panel that looks like a
real one," that leaves
a lot of room for potential pitfalls if they haven't planned things well enough.
I can't really see anyone mistakenly pushing those combo's while playing, my PL1 button is out of the way.
It's not that big of a stretch to imagine a casual/inexperienced/inattentive gamer with their left hand on the joystick reaching over to press P1 Start and accidently actuating the joystick.
How mad will your friends be if they're fighting Shredder during a great game of TMNT if Player one accidently pulls the joystick to the right as he hits P1 Start?
How mad will you be if some kid starts joystick-twiddling/button-mashing and messes up your carefully configured menu settings? (How long will it take to notice it? How long to fix things after you eventually realize something is wrong? How many things were changed that you won't find until the next party?)
I'm not saying it's guaranteed -- I'm not even saying it's probable.
I'm just saying that it's
easily possible and that you should take that into consideration before mapping
any combo/shifted button to menu on a dedicated cab instead of pulling out a keyboard for (rarely needed) re-configurations.
Whatever approach anyone chooses, I encourage them to make a fully-informed and carefully-considered decision.

Scott