Don't let the peanut gallery stop you from doing some proof of concepts.
Do you already know where it will be located?
Is the wall it is going against load bearing? (can you use the space inside the wall?)
The concept I have in mind is a painting that slides up or down revealing a slightly tilted LCD monitor & marquee inside the wall.
Most walls will have 4 inches of depth to work with from the backside of the opposite drywall to the surface level of the drywall facing you.
A frame sitting on the surface can add a little more.
The CP would slide out instead of flip up because there won't be enough depth to house the joysticks rotated, but there could be just enough room for them to fit upright if you select something like a Sanwa JLF.
Another idea would be to have a picture setting on a floating shelf and the CP would rotate or slide out of the floating shelf.
It will be a PITA, but it could be done.
If the TV already in the living room is mounted too high as if it is a painting
, just build a pedestal to put in front of it.