Hey Mccoy,
I do not know if you are wanting to jump ship just yet, but AtomicFE has support for 49 ways (with the gpwiz) and LEDWiz. I finally had the time to really go hunting for a solution and this is the best I found so far. It grabs the button info from MAME so you do need to go in and relight some stuff, but the 49 way stuff has been spot on. The only gotcha is that you have to define several buttons in the Front end for adding games to a favorites list, exiting and starting games etc. This part must be done with Joy2Key, but after that you are good to go. I used the shifted keys for these buttons so that no visiting idiots can goof the thing up.
But then again you might not want to cross over to another flavored FE.
LINK BTW, Still wanna know what that chick is drinking.

Edit...Nevermind, she's gone. Smokin baby is back.