but will this shift function also work the exact same way for players 1-4?
When you and your friends are close to beating a game (like metal slug) Press P1Start and P2Start at the same time.
I recommend either disabling the shift function completely, or reprogramming it (Default for P1 and P2 is the escape key... which exits the game).
3M makes a double sided tape (about an 1/8" thick) that works great for mounting a microswitch behind the coin reject buttons (I tried hot glue, and got sick of reglueing).
For certain games I have button #7 (that mostly usesless, extra NeoGeo button) mapped as a coin button. There's also buttons on the side of the base that were originally intended for pinball, but thats the same as reaching for the reject button.