Nope, none at all... looks like it works just fine. The sed command loses me a little, can't say I've seen it worked that way before, as in splitting so as to use \1 to represent device=... The main reason I haven't attempted something like this yet is the hopes a GUI will show up out of the blue to do it all for us. As it is I've got a script that accepts 1, 2, 3 as input... copying a specific input profile to blight_input.conf.
While your here, does accelemymote support deadzones? Only the more recent versions of mupen64plus support deadzone on joysticks (from what I have read)