The downside to that approach is that there are a few unusual situations like a 2-credit single-player game of Omega Race.
IMHO it's better to keep P1/P2 Coin and P1/P2 Start as 4 separate buttons/inputs. YMMV.
If you mean starting omega race with extra ships, hit P2 start then P1 start.
Sorry, but that will either start a 3-ship 1 player game and leave one credit
or start a 3-ship 2 player game. (depending on the free-play dipswitch setting)
There were 4 "volcano" start buttons on the CP.

The workaround to the workaround is that Omega Race has a free-play dipswitch setting.
(PROTIP: You'll need to coin up
once after setting the freeplay dipswitch -- the system will always display 4 credits and allow you to start 1P or 2P, 3-ship or 7-ship games)
If freeplay is off, the approach you propose will start a 3-ship 1 player game and leave one credit.
If freeplay is on, the approach you propose will start a 3-ship 2 player game.
Fortunately, you can sidestep the problem by enabling freeplay
and mapping P1B3 and P1B4 to start 7-ship 1 and 2 player games.

He admits its not a perfect solution, but its a clever one (similar idea to what I posted in a similar thread) Having work around for what amounts to a handful of games is a serviceable substitute, especially considering not all games have a free play option.
I agree that his workaround is a clever solution for
most games, but there are a few that might cause problems.
Bottom line: Always check the desired gamelist to see if there are any games that will not work with
whatever approach you decide to use on a build.

Scott