I have recently figured out how to find a setup that achieves this with minimum inconvenience. There are many apps in the playstore that add more functionality to 1 button headsets, but they have 2 issues that I have have seen.
1) they allow the user at most 4 functions
2) they break the lock screen music controls that were introduced in ICS.
Problem #1 can be fixed by an app I recently discovered that allows you to program up to 5 clicks on your headset and therefore allows me the 5 functions I'm looking for. The app can be found here https://play.google.com/store/apps/d...de.degausslabs
There is unfortunately no way to fix the 2nd problem. There are 3rd party music widgets that can be placed on the lock screen, but they are inconsistent at best with google play music. The work around I have found is to use The app Nils lockscreen notification: https://play.google.com/store/apps/d...icationswidget
This app can display the notifications you allow it to over the lock screen as a widget. I am only allowing it access to music right now, but you can allow it access to any notification. Now when I listen to music, my lock screen looks like:
I know there are other solutions if you're rooted or on a custom rom , but this will work stock. Hopefully this information is useful to those who want 3 button functionality on a 1 button headset.