I'll answer your basic questions and then throw some other suggestions your way:
Question 1: Sortof, the $93.00 trackball will connect to the Opti-PAC with no problem. For buttons, the opti-pac only supports two buttons (not three) per port. Of course, you could "fool" the opti-pac by connecting your third button as Trackball 2 button 1. But you would have to configure MAME to reconize it this way. You also can use any of the buttons that run through the I-PAC/4 in Trackball games.
Question 2: Basically, the only difference is you are running through the USB or PS/2 ports instead of the serial port, and you would not need to opti-pac at all for the trackball.
This doesn't matter at all for single trackball use, as the trackball gets assigned to the sysmouse and fights for cursor control, and MAME will recognize either one.
Hopefully urebelscum will read this and verify what I say here.
It becomes an issue when you purchase two (gulp . . . $308 gulp. . . ) of these bad boys for dual trackball games. Now you have major decisions to make, b/c standard MAME does not allow you to assign the second trackball to player 2.
Your options: Only if you are running Win98 or WinME, you can use MAME Analog+
http://www.urebelscum.speedhost.com/ to assign the trackball to player 2, but it only works with USB devices, hence you need the HAPPS interface (or a mouse hack).
OTOH, you can also assign this using the serial and PS/2 ports in standard DOS MAME, which is where the Opti-PAC comes in (one opti-pac for both trackball so ONLY $230), drawback is you have to use DOS MAME for your dual trackball games, and prolly mamew or mame32 for the other games. Advantage is you can run DOS MAME in a windows box under 95, 98, ME, NT, or XP, and maybe 2000.
If this didn't confuse you enough, here are some suggestions:
www.betson.com sells the Imperial 3-inch trackball with a PS/2 Interface for (I think) $80.00.
http://www.wicothesource.com/new2/pages/page89.htm sells a 3-inch trackball for $49.99, which works great with the Opti-Pac.
They don't make an interface for it. Not sure if Happs USB interface would support it or not, but that gets to pricey for my taste.
It can be hacked (with minimal soldering skills) to an older (non Logitech) PS/2 mouse using the procedures
http://mamewah.mameworld.net/MouseHack.html and
http://members.shaw.ca/bakaye/tballhack.htmI'm still trying to find if there is a suitable USB mouse hack for this as most PC's (all PC's ?) have only one PS/2 port. A more complicated (but still cheap) working USB mouse hack is
http://www.cheeptech.com/cuhack.html, but this requires mounting the original mouse optics where they will pick up the trackball encoder wheel movements.
Also, getting way off the wall here, I saw on some web site a connector for hooking a PS/2 mouse and keyboard to a USB port (for laptops). Does anyone know if these would work with MAME analog + and a trackball running through a hacked PS/2 mouse?