Alright, lost my first post so let's try this again.
The top buttons on a SF2 cabinet are punch buttons and the bottom ones are kick buttons. Wire CTRL/ALT/Spacebar to the top buttons and L. Shift/Z/X to the bottom ones. Now you don't have to assign keys in MAME, they're already setup to the defaults.
The Neo Geo systems used a max of four buttons, but mostly the fighting games used all of them. If you already have an ergonomic layout of your SF2 buttons, you can make a fairly comfortable Neo Geo layout by putting one extra button to the right of the top row and wire it to the L. Shift key as well. Then you don't have to reassign any keys for Neo Geo games, either.
According to the MAWS database, there are about 40-50 horizontal trackball games and about 25-30 vertical. The more famous examples would be things like Centipede and Millipede are vertical, while Missile Command, Marble Madness, and Crystal Castles are horizontal. How you want to orient your screen depends on what you like to play.