First off, welcome to the board. You're at the right spot to get the answers you need to your questions. Here is a picture of how I wired the control panel to the IPAC.
http://www.garry.ca/images/Day18_CP_Layout1.JPGGreen = Ground
White = Joy Stick
Red = Buttons
I grounded P1 and P2 loops separately. Easier to debug.
I'm sure there are plenty of other examples in the Examples section on the left hand side of the message board for you to look at.
I'm not sure what you mean by "can't access the 2nd player mode" though. Does this mean P1 buttons are working and not P2? Some or none of P2 buttons are working? How did you test the connection? If you open Notepad, press the buttons and see what Notepad shows. Could be a configuration problem with MAME/ the game. Please post a little more information so we can help you better. A picture would be best. Worst case, there *may* be a problem with the IPAC, in which case, Andy W, the owner of Ultimarc will come along shortly I'm sure.
BTW: The search function on the top is an excellent way of getting more answers to your questions without waiting for feedback. There is a wealth of information contained in the posts of people who had similar problems as yours. Search for the word IPAC.