In other words, the plan is to fully map an equivalent of say, an Xbox 360-controller (A,B,X,Y, LB, RB, LT, RT, START, SELECT) so that i can map it in Steam as a fully functional controller (minus L3 and R3)
Playing Steam games without having to go into controller preferences for each game and adjust the settings in order to make it work with only 8 buttons is preferable. And by using Ledblinky, only relevant buttons would light up for each player.
Hopefully, i'll rarely have to use all buttons in one game, but each player-set would still be compatible if a game would have no option for adjusting controls in case it turns out that say, RT is the unadjustable default button for sliding.
I have two players with 10 buttons on my previous build (check the video) and found it practical when testing new modern games for Steam (or ps1, ps2, xbox etc)