Yes. For example, you could connect one 8 way and the 4 way to the joystick 1 inputs and the second 8 way to the joystick 2 inputs. Note that moving either player 1 stick would cause movement in the game.
I've got a 2 player board with 5 joysticks attached to it. 2 8 ways, 1 4 way, and 2 SNK rotaries. 3 joysticks are attached to the player 1 inputs, and 2 joysticks are attached to the player 2 inputs.