to answer some of your questions.
while you can add buttons for the trackball/spinner, they are not necessary. what i did is wire up player 1 buttons 5 and 6 to the mouse encoder as left and right mouse buttons. that way you can still have mouse buttons when you need them, but you dont have to add clutter to the panel.
as for which buttons you should have, dont' forget about coin buttons for each player, and also Pause is very nice to have