Just completed this job... used a momentary switch from an old controller I had laying around (cut the switch out of the PCB)... used an M$ Memory card, because there was quite a lot of room on top... made a hole with my trusty dremel (which my wife keeps calling Doraemon for some reason), and ta-da, new reset switch.
Now, I had already had the inside mod done as part of a controller reset switch I had done earlier, so that wasn't a problem. This is better, just so I can use ANY controller in port 1... I use an S-Controller, and all my friends use the Big-Un, so "yes" it makes a difference to me. It's just a cool little project too.
As a side note, I have Tekki (Steel Battalion), and as far as I can tell, it still makes no difference not having the yellow wire hooked up. What IS that yellow wire for? I've heard Pen Light... but huh? I'm sure I'll find out what it's for one day the hard way... but for now, my lazy ass will enjoy the reset button!