You can make the games playable, but you cannot get the authentic feel without using real arcade controls. There are no hacks to control a 49-way or a mechanical rotary, short of building your own circuit to control them, which is exactly what Druin & Dave have already done for the rest of us when they built the Druin's Interface and the SJC.
If you are dying to use an all-hack system, and are willing to sacrifice the authentic feel, here's what you need:
You can use a PC analog stick to play 49-way games- the feel is off, because pc joysticks tend to be very loose. Some people are perfectly happy with this, you might be too. There are countless examples of people mounting PC Analog sticks in their panel. You could even hack an arcade balltop handle onto one if you wanted.
Rotary joystick- For the real mechanical rotary feel, you're out of luck, but one of these will add optical rotary control to an arcade joystick:
http://forum.arcadecontrols.com/index.php?board=1%3baction=display%3bthreadid=25276http://forum.arcadecontrols.com/index.php?board=10%3baction=display%3bthreadid=20018%3bstart=0If using an arcade stick is verboten, then I guess you could modify one of these hacks to go on the bottom of that PC analog stick.
You can build your own spinner (Tempest, Arkanoid, etc.)- do a search for "Nasty Spinner". Same principal for a steering wheel, just put a steering wheel on top instead of a knob.
Pedals- Use PC pedals. If you want, you can hack a more realistic set of pedals to the electronis from the PC set.
Buttons, digital joystick- You can do a keyboard hack- check the faq for info on how to do one of these. If using arcade sticks is verboten, you'll have to settle for a PC stick or gamepad in place of your 4-way & 8-way sticks. Feel is wrong again.
Light gun- No hacks here. You could buy an Act-Labs light gun and use it right out of the box. The model for TVs is still available, but the VGA model is discontinued.
That should cover most games.