what do you use as mouse buttons? Can the player buttons on the CP be used for both mouse buttons in windows and player buttons in MAME (using an I-PAC)? Is this kind of setup worth considering or is just using a wireless mouse easier?
Strongly consider 
not using mouse buttons as player buttons.
- There's 
way too much chance that a drunk friend or button-mashing kid right-clicks on the wrong spot, pulls up a menu, and messes up your configuration in ways that might take 
months for you to fully fix.   

- This follows the same line of reasoning as 
not having a TAB (menu) button or shifted function (P1 Start + Joy1 Right) on your system.
That said, you might consider using a Double Pole Double Throw (DPDT) switch to turn two normal buttons like P1 Start and P2 Start into mouse buttons.
- One pole of the switch connects the P1 Start Button wire to either the IPac P1 Start input or the IPac Left Mouse Button input.
- The other pole connects the P2 Start Button wire to either the IPac P2 Start input or the IPac Right Mouse Button input.
- Hide the switch where only you can access it.
                                DPDT
                                switch
                                       ____ IPac P1 Start input
    P1 Start Button ____/ ____ IPac Left Mouse Button input
                                    :
                                    : ____ IPac P2 Start input
    P2 Start Button ____/ ____ IPac Right Mouse Button input
If this approach looks too complicated, use a wireless mouse.
Either way, once you've got your system fully configured you probably won't need mouse buttons very often . . . unless you're the type that is always fiddling around with your setup.   

Scott