Retro-bit Sega Saturn controllers do not work on LLOAD, I tried it with a wireless 2.4G retro-bit Sega Saturn controller, plugging in the receiver alone without synchronizing the controller generates phantom key presses, according to Ulao, the retro-bit controllers do not use the same initialization as the Geniune Sega OEM controllers and the following sequence has to be used:
// Reading L
// Reading Up, Down, Left, Right
// Reading B, C, A and Start
// Reading Z, Y, X and R
// off off
and delay set to 7.
There might be more to it however.