Lilwolf is right on (as usual). I don't play many (if any) DC games which require the analog input (so its not as big a deal as you might think). If you do want to hack the analog, you may want to think about running it through a 4p4t switch so you can switch your single joystick between the dpad and analog and mount the switch on top of your CP.
Another option besides the AB-switch box, is to just buy some standard molex connectors to isolate your CP from your IPAC, then hack your DC pads with the same molex connectors. You will still have to pop the top and switch the connectors around when you want to play DC, but you will have to go inside anyway to turn on your DC, put in a cd, and switch the ab-box. Just another option.
-Dave