You're mainly dealing with personal preferences on the joysticks, largely related to the amount of travel (throw) which is largely a preference thing.
For an encoder, the I-PAC/2 is good, but you should also consider either the KeyWiz or the GP-Wiz from
www.groovygamegear.com. Any of the three is a good solution, depending on what features you want.
BTW, from what I have read, I
think the 49-way's throw is about comparable to the Super or Happ P360, not
Double, although it may well be triple the T-Stick Plus (if that makes sense).
Now another question, for the 49-way stick - its pretty much the same as the regulare sticks except you just have to use a floppy cable to hook into the GP-Wiz49 and then that runs out USB to the computer right?
Errrm- yes and no - see the 13-page thread about the GP-Wiz49 - it doesn't hook up anything like the other sticks - 7 pins IMS, as opposed to 4 microswitches. Also, it is seen by the computer as an Analog joystick, not as 4 switches. Also, you can set it up so games think it is a 2-way (vertical or horizontal), 4-way, rotated 4-way, 8-way, or analog (49-way) stick. Also, the GP-Wiz49 gives you 23 buttons per interface, so you may not need a separate (I-PAC or KeyWiz or GP-Wiz) encoder.
Im not so much worried about players 1-4 having to run any 4 way stick games... at least I dont think there is any... because isnt most of the 4 way stick games turn based, where player 1 goes and then player 2 goes after them?
Yes, that is correct. I can take your comment one of two ways, though.
If you are asking if you can get by with one 4-way stick and 4 8-ways rather than the 49-way, the answer is "Yes, but you lose the rotated 4-way, 2-way, etc. modes that the 49-way stick affords."
If you are asking if you can ditch the 4-way stick and use a single 49-way stick for P1 and 8-ways for P2 through P4, the answer is "Yes, but you will want the throw on P2 and feel to match P1 for any 2 player simultaneous games". Your best bet is dual 49-way sticks, and a 49-way Stick for P1 and a T-Stick for P2 would be a terrible option.