All the Atari optic boards I've come across so far use this standard 4-pin connection. Unfortunately I haven't had the opportunity to test a real Pole Position board, but if it follows the Atari (& Happ) convention, then the pinout for the Opti-PAC would be X1, +5V, GND, X2 based on the photo and the orientation of the friction lock.
I've seen caps on optic boards before and explanation I've heard is that they are present in the event of an AC transient voltage. Be warned that this an explanation of EE lingo by an ME, so I may be totally off base!

The Happ optic board also has a chip and Andy W. mentioned to me before that it is a buffer and doesn't affect the operation of the optic board. Apparently it is supposed to eliminate an occurrence of a "half-vane" in case the encoder wheel stopped right in the middle of the optics. Sorry I don't have better info for you, but I'd bet you would be okay to connect it directly to an Opti-PAC without damaging anything.
If you don't have an Opti-PAC to test it with, I'll check it out for you if you want to send it to me.