I've never seen a setup like this before.
My initial impression is that it looks like it functions like a matrix of switches.
Each blank spot on the disc=no signal.
The angle would be determined by the pattern of which fingers (switches) are On or OFF.
This would move in steps and not be useful for other games.
In my electronics noob mind, the leads going to a multiplexer (74153) would seem to confirm that.
I'm interested in learning what the output from the multiplexer is.
I'm busy with work at the moment, but will dig into it later if nobody else does.
Initial impression is that it's cool, but won't be useful for any applications other than the original game.