Alternative to setpoint that allows key configuration profiles for multiple mice?

Solution 1:

This is the ultimate tool of them all. (enhances SetPoint possibilities)

http://uberoptions.net/

Solution 2:

Try the wonderful and free X-Mouse Button Control :

You are able to provide application or window specific mappings, which means an application or window can use the mouse buttons differently from another. For each profile you can optionally define up to 5 'layers' of different button configurations which you can switch between using hotkeys or mouse buttons.

I am a user of X-Mouse Button Control, but I have no experience with using multiple mouses. For questions or suggestions, don't hesitate to contact the developer. When I did, he usually answered back in a few days.