Yep, the plan is to hack the DC controllers for that. Emulation hasn't yielded very good results.
I was looking at going with a Neo Geo setup- so I'd need at least 7 buttons for the first two players, plus a P1 and P2 button making 8 buttons per player. I could get by with 4 buttons on player 3 and 4 though- so I would potentially have 6 extra buttons for admin. That should work.
Regarding video- I've looked at using Soft 15khz, but I've read that the signal can damage the monitor if the monitor doesn't support frequencies over 15khz (before the program loads). I'm not sure about my monitor. It's a Hantarex Polo 25.
According to KLOV, this is a Raster Medium Resolution monitor:
MEDIUM RESOLUTION
HORIZONTAL VERTICAL
Scan Frequency: 25.00 KHz Scan Frequency: 60.0 Hz
Scan Period: 40.0 µSec Scan Period: 16.7 mSec
Active Video: 32.0 µSec Active Video: 15.4 mSec
Video Delay: 7.2 µSec Video Delay: 1.2 mSec
Sync Pulse: 4.0 µSec Sync Pulse: 0.2 mSec
Scan Line: 640 Pixels Screen: 416 Lines
Resolution: 512 Pixels Resolution: 384 Lines
Clock Freq: 16.00 MHz
I'm unclear on whether this would work with Soft 15khz.