I've got a pair of Suzo Inductive's that I've figured out a very simple hack to have a 4 to 8 way with a simple switch.
These joysticks have a pot that is a sensativity adjustment. This allows them to act as 4 or 8 way joys depending on the setting.
Some have suggested remounting the pot off the PCB to have a remote control or to use a switch with a couple of resistors. I think there is a much easier hack that should be good enough.
The pot is set low (basically a short) for 8 way operation. The pot must be adjusted carefully to allow decent 4 way play.
The simple hack is to wire a switch across the pot to short it out when the switch is on and allow the pot to provide the correct resistance when the switch is off.
The steps to do this are as follows:
Wire a switch across the pot. Turn the switch off (open). Then adjust the pot for good 4 way play. Now turn the switch on (closed). This shorts the pot. Verify that 8 way play works as you like it.
This is a nearly trivial hack, but now you have a switchable 4 and 8 way joy. No mechanical restriction though. Also, a more complex hack could use a signal from the PC to control a relay to short the pot. This would allow computer control of the setting. I personally wouldn't go that far, but even that isn't a difficult hack. You can control a relay from the parallel port with a resistor and a small transistor.