It's the same thing as the martian bombs on Attack from Mars. Basically, when the Trolls are activated, if you have any bombs, you can hit the launch button to activate a bomb as a freebee hit to destroy a troll. Same goes for the martians. It's great. If you're just one dangerous shot from completing the mode, you slap the launch button, and it awards the shot for the mode completion.
Honestly, don't replace the launch button. The software is designed around it. You'd be drilling holes in the cabinet, and doing all sorts of other unsavory things. It's already integrated to auto launch things, act as a bomb button, and the "super skill shot" is integrated into the button as well.