Well, I've hacked a pot directly into the PSX analog controller. It does work, but the thing that confused me is the PSX joystick almost acts as two pots on each axis due to the centering. If you put a multimeter on the pins of the sticks to measure the resistance you'll see what I mean - instead of getting a smooth sweep from 0 ohms up to max ohms, it goes from max ohms to 0 and back up to max again!!
So once you get your head around that you can get the calibration to work. I tested it with my analogue pedals (hacked an extra pair of wires from the gas pedal pot so the thing still worked as a PSX controller).
I did it more as an exercise to see if I could build a break out box for each button and axis so I can plug in and button or pot that I want to in a modular way. I did this for the standard soundcard joystick port a few years ago, using RCA phono connectors as the interface - worked a charm.