Most 'stick'/'paddle' driving games seem to have only an analog X axis though, with buttons for throttle/brake (I think). So it should be fine to just steer with the analog stick, and use buttons (or digital pedals) to accelerate/brake...
...or am I wrong?
Depends on what the original arcade game had. If the arcade had switch pedals, the accel & brake are probably mapped to buttons.
If the game has analog accel and no brake, mame usually uses the "pedal" input type, which is usually mapped to a button. However, pedal is an analog input, and can be mapped to a real analog pedal (or Y axis of joystick) and you'll get real analog control (ie, you can half push the pedal and get half the accel). Try it on SpyHunter; driving into the truck and driving in high gear will be much easier (and just like the arcades).
If the game has both analog accel and brake, they are usually mapped to the Y axis (up = accel, down = brake).
Not sure if all games are like this (thus the "usually"), but IIRC all the games I tested over the past year. Also, since you can now (as of 0.61) remap analog inputs, I don't use mame's defaults anymore. (The FAQ is out of date on this point, and my suggested FAQ changes have not been added yet.)
And at least one game (dirtfoxj) has joystick up and down mapped to the gear shift, which can be a pain if you use a joystick to steer also.
Some games do fine with buttons as accel & brake even if the arcade used analog inputs, or if you
always drive "pedal to the metal". But IMO, most games with analog pedals play much better with analog inputs, even if you use a part-way down point as few as twice per game (could mean a slow corner or crash vs fast corner at one part of the lap, changing the enjoyment of the game.) *shrug*