nah. switch power. have all the data lines connected. then by switching power you select which controller is on and connects. more power efficient, as well as simpler.
Holy cow, I just automatically started talking about the n64. I know that switching the data line for that system works fine and is better then switching the power because a second controller will confuse the console and it won't work, plus an n64 controller only draws 2-3mA and only about 4-5 when you mash every button.