Size does matter.
Are you thinking of putting the 4-way above the trackball? Make sure you have enough room so you don't slam your hand into it when you're playing Marble Madness or Golden Tee.
This is a two player panel?
Since I can't use digital drawing tools worth beans I mokced my panel up using felt, with joysticks, trackball, buttons all cut out to scale. That way I could just place them around until I got an arrangement that felt ok. Since I pretneded to mash the buttons as if playing on a real CP during the mock up phase, I found that felt worked well since it doesn't slip around too much.