What I don't understand about Ultimarc's interface is that it's USB. Since you're going to be using an Ipac anyway, why not have connections so that you can use +5, ground and four buttons from the Ipac?
I hadn't noticed that, but that's a very good point. Druin's previous interface board worked exactly as you suggest above.
The only thing I can guess is that Andy felt there were more users with extra USB ports than there were with two to four spare inputs on the I-PAC.
There are serious problems with his idea though:
First, no rotary game that I know of uses more than 3 buttons, so having the board use buttons 5 and 6 for each player would not be a problem.
Second, the I-PAC is programmable - the Ultimarc rotary interface appears as a USB keyboard and uses four fixed keys. That's great for MAME, but for other emulators you would need to use an AutoHotKey script or some kind of keyboard wrapper to re-assign input (if there are non-MAME emulators for rotary joystick games, which I'm not sure of . . .)