That is exactly the sort of detailed reply I was looking for! Thanks a bunch.
Of particular concern to me was whether or not my unusual rotary setup would work for both player 1 and player 2. I have no interest in only being able to play rotary games with 1 player. I know player 2 having to use a joystick and spinner isn't ideal, but as long as my setup will work well (which you've indicated it will) then I'm happy.
Oh, can I just use standard MAME i.e. MAME32 Plus!, for what you've described -
'In MAME you map the rotary control for player 1 to the two inputs on the GP-Wiz 49 (one rotates left, one rotates right). You will map player 1 rotary to this in MAME for Ikari Warriors and other rotary games. For player two you will map the rotary control to the mouse axis your spinner uses.' or will I need something like Analog MAME (not that specifically, but some sort of deidcated build)?
The analog sticks I'm considering are both from Happ. It's either going to be the 'Analog Joystick with Trigger Handle' -
http://www.happcontrols.com/joysticks/95006500.htm or the 'Heavy Duty Analog Trigger Joystick' (I'm assuming this has a trigger button as well as two thumb buttons) -
http://www.happcontrols.com/joysticks/95070100.htm.
I haven't ordered any parts yet, so it'll be a while before I'm ready to get everything assembled. I will let you know, however.