That is an option. However, there are differences. It is 72 inputs, as opposed to 80, does not have support for rotary joysticks, uses a matrix with diodes to prevent ghosting which means some controls/devices won't work if they expect a true constant ground, and multiple "commons", as opposed to 1 dedicated CPU pin per input and a single true ground line shared with all controls. These differences may or may not be important to the OP, but they should be considered to make sure the encoder does what is expected in a particular installation. It is also a gaming controller, so the same setup considerations apply.
If the OP has a specific need for the device to report as 4 individual game controllers, has no plans to use any devices which it doesn't support, and is not concerned with additional steps to produce key output for certain applications (this would also apply to dual GP-Wiz's), it should certainly be properly researched and considered.