<edit> Modified the Midway/Happ part.
1. I don't understand how 49 Raw is viewed by the computer. Is it as a low resolution analogue controller or are all 49 positions being discretely reported some how?
I might be wrong here, but I don't think MAME supports the 49-way sticks directly. 49-Raw is a low-res Analog controller, but it is what you would use for the true 49-way games (Sinistar, Arch Rivals, etc.) (Did I screw this up, Randy?)
3. On RandyT's site, he lists the Midway version of the 49 way stick for sale. Can someone describe all of the differences between the Midway and the Happ sticks?
Midway=Happ Happ sells Midway's design under license. RandyT is usually a little cheaper, but Happ has them on sale this month. RandyT is actually selling the Happ version AFAIK, might want to fix the webstore, Randy. The Midway and Happ function the same, but have slightly different dimensions.
Midway/Happ <> Williams - The Williams stick had a centering spider to add extra resistance in Sinistar (1Up is making a Happ repro). Also, basically I think the Williams read the center position as 0 and the Happ read it as 1, so the interface has to work differently (The GP-Wiz49 supports either one). Finally, I think the Happ has a slightly "tighter" feel, without having a better way to explain it.
4. Randy, any chance that you could make a single board that would support two 49 way sticks?
Doubtful - Was asked earlier in the thread.
5. I am envisioning a microswitch built into the handle so I only have to thread wires down a hollow shaft. Any ideas on how to go about this?
Something like this, maybe?
http://forum.arcadecontrols.com/index.php/topic,22827.0.html (Not sure if they work with the 49-way, and RayB sold out of them, but I think he documents what he did, or you might PM him about them.