The chip will be a lot easier to use than the MAX chip and basically fool proof WRT only having a single output active.
You tie the latch pin to 5v and apply four signals to the A, B, C, and D inputs. The binary pattern applied to this inputs determines the active output.
Couldn't be simpler, and 0 chance of two outputs being active at the same time.
The 4515 only has 16 outputs and the MAX has 20, if you need > 16 you can use 2 or more 4515s.
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Rob