If that's your plan, you should scale back as GregD said. Also consider ditching all the admin buttons (except maybe Exit, Pause) - they do not belong on a panel (not even for Hyperspin 2.0). The mouse buttons are highly unnecessary as well. You will then have room to move the 4-way over (which IMO is more important than a flight stick).
Also, keep in mind, "START GAME" can be handled easily by the start buttons and "menu up and down" are handled with the joystick by default.
I do like the artwork, but you can safely do without graphics telling people the trackball is a "trackball", etc. Less is more when it comes to information.
I think it's fairly easy to construct a panel even without woodworking experience. Give it a shot on some scrap wood.