Note the part where he says:
" Also, I'd like every game to flash 1/2 player lights, not just the ones that did in the original arcade machine."
Sorry man, but seeing as that'd require custom roms, that bit is pretty impossible. Mame Hooker can light them up for you for every game, but short of some nasty hacks that wouldn't work well (they'd have to count the "5" and "6" keypresses as well as "1" and "2" keypresses as well as being aware of the amount of coins required to play the game and other odd-ball stuff), there isn't any way to make them flash when you insert coins.