I agree that a bad microswitch is the most likely scenario, but if you want to confirm that before tearing open the CP, use an analog voltmeter (digital responds too slowly) set to the DC 5v range.
With power off, connect the black lead to ground and the red lead to the IPac input for that button -- clip onto the wire or push a straight pin in next to/touching the wire and clip to that.
Place the meter where you can see it and the game screen at the same time.
Fire up the system and see if the game fires and the meter dips down to ground and back up in time with the button being pressed/released.
There is often a few nano-seconds of chatter (bounce) on the microswitch contacts as the button is pushed, but the firmware in the IPac will filter (debounce) that chatter.
Scott