...P1 and P2 = ESCAPE...
I hate, hate, HATE this combo. Far too easy to accidentally exit a game. It was the default for a couple different products. My brother got a hotrodse and then introduced me to mame. We were in heaven, playing games we played as kids, for about ten or fifteen minutes, when in the heat of one such game at a hard part, the game exited. WTF!!! Fingers still twitching to play, heart still pounding with adrenalin and we're looking at windows desktop! We deside that game must be still buggy, and try others. Soon the accident happens again! Took us a minute or twenty of searching to find out what was happening, and then remap so it didn't happen again. Twenty minutes we would have been playing menories. And had two games killed in the prime of life, of sharing fun, of bonding time we don't very much of, in an instant, of me pressing P2 button with my left hand at the same time he pressed the P1 button with his right..
Once is too many times, twice within half an hour is terrible user interface, worthy of the trash bin.
If you don't play co-op games, or any game that both players can die at the same time, or you and your friends are nice pollite gentemen that will always allow the other to press their player button first "no, after you", fine. Otherwise, this is the worst combo to exit ever, even equal to p1b1 & p2b2.
IMHO.
I say don't do it. I have no idea how others who use this can stand it, but some do.