I was thinking about the resistance adding up on my bike ride today. Squared numbers would work the easiest I would think, 1,2,4,8,16,32,64,128... Even If you hit 4 pads simultaneously it would be possible to know which pads.
As for the shared piezo, I think that may be the fatal flaw. Some mechanism would be needed to divide the voltage. Or a way of avoiding the issue is to only have pads on the same bank which you would never use together, either by physical or musical distance. (ex, 18" Tom & Cowbell, 28" gong china & 6" splash). The issue would be negligible in a multipad though.