Address 65280 (Hex &FF00) is the I/O port on the CoCo for the joystick and the keyboard row input. It is the case that the lower 2 bits are assigned to the left and right joystick buttons. Bit 7 is associated with the joystick direction, which is why it can be either 0 OR 1 while a button is pressed. So, your proposed approach is correct.

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