Yes, with 2 controller hacks you could have a 2 player setup (in fact you could go up to 4 players on 4 hacks). You would get all the buttons: Triangle, Square, Circle, X, Start, Select, PS button, R1, R2, L1, L2 as well as the 4 directions (D-pad).
Here is a pic of the prototype:

I haven't decided on prices yet, these are hard to do, but I have an idea to make them easier.