Let me be as gentle as possible
Baby Bunnies
Pillow
New Down Feather Pillow (freashly fluffed)
Pillow
Kittens
Fluffy Kittens
Pillow
Ok, and to your question.
Yes. But you have to be careful. I had this on my first control panel. And when I played with some friends... if I had them stunned... they would drop their controller and grab the 4 way to mess up my super upper cut kill finish move. Then I would have to push him over to and get back to my controller... IE turned it into a physical sport.
What you might consider doing is having a switch (dual would be best) that would break the ground wires used in the 4way or the 8way. So the ground is only connected to one of the two at a time. Then flipping the switch will change the joystick which is accessable.
If you don't understand the wiring, let me/us know. I/Someone can draw a quick example in MSPaint for you.