I´m sorry. I can not Help you, friend..... BECAUSE I HAVE THE SAME PROBLEM.
I said it to Smog...By the way, it is not the end of the live....he he, I see the compensation that I can Have independent MICE in mame and in mame I can map Everything.
Well, I´ll Stop kidding. The only thing annoying is to RELOAD with "B" Button in HOD2....I tried to remap buttons in the Troubleshooter´s *.ini but with NO succes.
The most curious I "discovered" are 2 Things....:
1)After Installing/Uninstalling/Re-installing each gun by around 10 times (Deleting the profile´s *.ini) If I get a gun with "Default Buttons mouse buttons" 3,4,5, instead of 1,2,3,4,5.... I can MAP EVERYTHING on that gun....
2) Maybe It is rare...but if I unplug MY REAL MOUSE (It is a Wireless Keyboard and mouse combo) I get a message saying something like (Now I can not remember exactly) "Please, connect your LightGun to save changes". I´ll post the exact sentence when I arrive home.
BTW I tried with my old PS/2 mouse with the same result
On a side note I tried Older versions and I can Remap Everything Everywhere without problem.
I even Formatted C:\ And reinstalled WINXP and updated with a Fresh SP2 with the same results. Also I did this to Erase once and for all all the old "third parties USB guncondrivers from EMS". I´ll not Switch to them again, I need SMOG´s driver for mame

Also it never Lags, I would not recommend you to switch to another "driver".
SEE YOU!!!!!!!!!!