Related thread:
http://forum.arcadecontrols.com/index.php/topic,166109.0.htmlhow do I connect these to the I-Pac Ultimate board?
The IPac has "Dupont" pins.
They can be a bit tricky to crimp properly, but you can avoid that by using pre-crimped wires or jumpers.

From what I have found, some say you need a resistor or the button will burn out, some say you don't.
AFAIK the repro volcano buttons from arcadeshop have a built-in current limiting resistor for 5v.
The original volcano buttons don't.
One thing we do know is that you can add another resistor, or use a higher value resistor, without breaking anything. The LED will probably still light, but with slightly lower brightness. Worst that can happen is the LED won't light.
Some say you need a 12v power source, some say you need a 5 volt.
Use a 5v supply if you're using LEDs rated for 5v like the repro volcanos and most RGB LED buttons.
On the I-Pac board, on the top right by ground and spot 49, etc. Is that for powering external things like the button?
The arrays of pins on the left and right are for powering LEDs.
- Columns of pins are labeled at the bottom of the board -- "+RGB" on the left and "BGR+" on the right.
- The "+" pins aren't numbered. They provide a constant operating voltage.
- The "R", "G", and "B" pins are numbered. These channels provide a computer-controlled variable-resistance between the LED and ground. If the LED software tells the Ult. I/O to light an RGB button in purple, the red and blue channels for that button will be low resistance (current flows through them) and the green channel will be high resistance. (current doesn't flow through it)
From left to right the 4 pins to the left of "49-51" are:
49 (blue channel)
50 (green channel)
51 (red channel)
+ (LED operating voltage)

anything else I need to do to get it all set up
You'll need to configure LEDBlinky or some other LED controller software.
Scott