If you have version 0.90 of MAME kaillera, there are hacked 4-player versions of Marvel vs. Capcom, though it's 2-on-2 tag-team style so I guess (if you're quick) you could use the same buttons as your tag partner.
I would recommend 4 buttons to be on the safe side. Check out my original control panel plan for an idea of the layout. You can get away with quite a small panel without too much 'angle' on player 3+4's joysticks using my design, whilst it doesn't look out of proportion or flimsy:
Apologies for the quality of the picture. The second was a concept for my cabinet.The third is the finished item, but I abandoned the 4-player design due to craft skill restraints!