Welcome aboard, Dbldown768.
In my head I'd really like a four player control panel for two games, the Simpsons and TMNT.
Before you decide to build a 4 player panel, read
a lot of the threads on the subject.
Some guys have done a 4 player build and end up several years later never using all 4 positions.
A 2-player panel with Neutrik USB jacks for gamepads is another way to handle the rare 4 simultaneous player game.
Remember that there are 2-player ROM versions that allow you to play as your favorite character from either player 1 or 2 position.

Does each button and each direction on the joystick get wired back to the IPAC controller?
Yes. Pressing the button connects the "daisy-chained" ground to the input.
Anyone have tips
1. Read lots of threads, especially the build threads in "Project Announcements" + bookmark relevant ones
2. The wiki is a bit out of date, but has a lot of good info
3. Slagcoin has printable button layouts
Scott