Do you have the trackball and the spinner both on the Optipac? I have the Tornado spinner with its own USB interface. I wonder if this will solve that problem.
Happens to me with two separate mouse inputs (2 USB or 1 USB + 1 PS/2) or with both through a USB optipac. Serial optipac might be different.
I first noticed the problem when I had a mouse + a trackball installed on my winME system. Sometimes when using the trackball, I would "lose" the TB button still being held down. I found out this only happened when I bumped the table the mouse was sitting on. The bump would move the mouse 1 or 2 pixels, but windows would "lose" the held down TB button. I've tested it since on win98, USB + USB, PS/2 + USB, USB optipac + USB, and both through USB optipac. Same problem.
Never tested a serial mouse, nor winXP/NT/2000, nor the tornado, but my guess is they'd be the same.
Have you tried it and the button press held? I'd like to hear about that (and see if I could get it to work on my system).