I installed it on my cab (keyboard encoder powered), but I'm converting the inputs using Keyboard2Xinput.
However, your asking prompted me to check, and I am pleased to report that this game, as opposed to most recent PC fighters, accepts inputs from the same keyboard for both players. Furthermore, you can assign both, keyboard and gamepad inputs to each action, and they coexist happily. This is great for me because, I have my PC connected to both my cab and my TV (for playing with gamepad), and like to be able to use both methods on each game.
I'll be switching now to the game's native keyboard support, for simplicity.