What about assigning the same physical button/joystick direction to multiple mame inputs? Pretty sure Mame lets you do this...(had it on accident multiple times

)
Something like (I'm paraphrasing)
Joystick 1 Up - Physical stick up
Joystick 2 Up - Physical stick up (should accomplish moving forward)
Joystick 1 Left - Physical stick left
Joystick 2 Left - Physical sick left (should accomplish strafing left)
etc.
And for turning, lets try assigning multiple inputs to the same physical button?
Joystick 1 Up - Physical button 1
Joystick 2 Down - Physical button 1 (should accomplish turning one direction)
Joystick 1 Down - Physical button 2
Joystick 2 Up - Physical button 2 (should accomplish turning the other direction)
If that works you could conceivably control with a joystick and four buttons (2 for turning and 2 for shoot/missile)
If you prefer strafing with buttons and turning with joystick I'm sure that could work if you keep the logic straight.
I might give this a try myself...hmm...Cybersled was one of my childhood arcade favorites. I actually tried running it on my cab using my P1/P2 joysticks to move and reaching thumb/pinky fingers to fire buttons...that got awkward needless to say.