Have 64 Lives
Press B, A, Up, Down, Up, Down on Controller 2 at the Title Screen and then press Start on Controller 1 to begin game play.

Alternatively, press B, A, Down, Up on Controller 2 at the Title Screen.

Have 63 Lives
Press B, A, Down, Up, Down, Up on Controller 2 at the Title Screen and then press Start on Controller 1.

Super Punch
Hold A until your character begins to flash and then release the button to execute a super punch.