If you are using MAME, this functionality is already there, as stated. No need for diodes or any of that stuff, unless you want to make an extra dedicated button which
uses a shifted combo function.
Just pick any unused input on the GP-Wiz and designate it as your "shift" (you can call it Shazaaam!, if you like

) button. Then go into the input config in MAME and SELECT the function you want to assign to a shift combo. Press the button you designated as your "shift" button and immediately thereafter, press the button you want associated with that function. You can add as many shifted functions as you want using this method.
The only limitation is that the method outlined above is limited to being used in MAME.
RandyT