My god...

it's full of stars...
seriously though...
It's really easy to design monsters in 2d, but what you need to consider is the third dimension... do you realize what this thing is going to look like with 8 joysticks sticking out of it?
Also, it'll be damned uncomforatable/ackward trying to reach anything behind the front line... an armful of buttons ( or trackball! ) is not my idea of fun.

Good try, but being one of the "less is better" camp, I couldn't possibly enjoy this one.
If I were you I'd consider making a Guantlet/TMNT style 4 way and then maybe throw in a trackball on that... then have a second panel for the fighting games with maybe a spinner...