When I played this in the arcade in the 80's I developed a technique that no one I knew could beat, I squeezed the arms thight into the body and almost had spasmic mashing on the buttons, I don't remember what times I had but I alsways came top on the events that was speed related.
I'm still way behind the best on the Xbox version, my PB on 100m is 9.05 and the technique I use is that I squeeze the controller between my thigs (perv alert ;) ) and then quickly wiggle the left stick as fast as I can, and I use my left hand to press the action button, however it doesn't seem to react as fast as the buttons on the arcade did or the old joysticks for C64 or Amiga (winter, summer games etc. from epyx also had some events that needed you to press/wiggle fast, hope they relase this games on xbox live as well).
Still haven't made a valid high jump on this one tough, it's hard.