A few more things Ive came up with over the years...
1) Expandable panel
By using slide rails, the panel, which has things too close together.. can expand to a larger and more spacious panel when needed.
2) Twirl Panel
If your panel is on a pedestal, you could put a center pivot on it, and spin or lift and rotate it to the other side. Horizontal rotation, instead of vertical. In this way, for example, you could have fighter sticks in front of you, and dual trackballs near the monitor... and when you wanted to use them, just lift and spin the CP. Basically, its like 2 control panels in one. The main benefit is space savings.. but also, you gain comfort in that you dont have to reach deep, or rest your arms on top of use certain controllers.
3) Folding out Panels
If you wanted, you might be able to make a section under the control panel that folds upwards and locks in place. For example, player 3 & 4s mini panels that flip out of each side. Or a fold out dual trackball panel that flips to the front of the cab.
4) Pull out control panels
Similarly, you could make control panels hidden, and rolled out on slides
5) Water Wheel rotating control panels
6) Transformer Cabs
You mentioned not having a lot of space for a large control panel... but if you have 4 people standing in one place.. its going to take up the same amount of room. The only consideration then is just finding ways to reduce that space when not in use. That could be done in many ways. A lot of furniture, and even bikes, are built like that. (Folds smaller when not in use)