A couple points:
1. xbox360 pads are required to play 4 player locally (they can be emulated pads though)
2. The x360kb files from the street fighter keyboard fix thread stickied in the software forum work well with this game (I've used for 2 players anyway)
3. The game doesn't allow you to remap the controls if using real xbox360 pads

4. If you use a keyboard encoder with the x360kb files, you can map the keys in x360kb.ini however you like. I'm not sure if the hack allows for use of oddball keys like CTRL & ALT though, so you may need to switch away from the MAME defaults.
I put this game on my cab, but never played it because the number of buttons required to play it annoys me, especially for a hack and slash game.
Then I switched to hacked xbox360 pads.
But since I only have 7 buttons and the one button I'm missing is hard coded to block with no way to change it, it's even less playable.
There is a thread somewhere in the main forum with the layout that was used on the actual arcade machine that was used to showcase the game at trade shows.