OK first test runs done.
FIrst had to wire up the thing...because it uses a single connector and my Jamma harness of couse has the well-known connectors. I decided to use some cat-5 cabling as this would nicely fit in the connector of the joystick. I didn't want to cut my original Jamma harness so I soldered male connectors to the other side of the wires for the direction and the common.
I use +5V (and only that wire) from a regular disk drive power connector from my PC, since I discovered that there's no +5V coming from my cab power supply...
It's all not very well done, and surely not definitive, but it works.
OK, remove the old 500 and put in the inductive in my metal CP.
Then the exciting part, connecting it....I had the PC running in AdvanceMenu. first connected grnd, then +5V and then "up". Pushed the stick up and, yest it works

Al directions connected and tested fine.
I haven't messed with the pot-meter so far. Fire up Donkey Kong as this is a 4-way game. Played it and, wow this feels great. No irritating clicks, very short throw and travle, the stick really seems to do what I want, even if it's not completely in either 4 or 8 way mode....
Then, Mario seems to jump either too late, or sometimes he jumps when I'm not pressing any buttons....this scares and puzzles me a bit...
Then I open the CP and discover that the cat-5 cable going to the joystick connector is pressing down on my #1 button leaf

;D So that was a very stupid mistake to make, I almost feared the inductive had some strange effect on the J-pac....but not so. Re-routed the cable a bit and now it works fine.
Then a joystick only game, my fav. Ms. Pac Man. Not too bad, not too bad at all. But you do have to "remember" to use it 4 ways only. Every now and then it does something unpredictable when moving near diagonals.
OK a diagonal game: 1942.............is this stick great ? No. Is this stick good ? No. This stick is FANTASTIC !!!! Can't remember moving so swiftly around the screen. Hitting diagonals is a breeze compared to having to push two microswitches to action. No problems with the direction markings. Yes you feel them, no they're in no way annoying. In fact they help to "know" where you're going....
OK, another fav. 2-way only....Galaxian. Excellent, great fantastic.....dodging thos e missiles is a breeze, moving from left to right (or vice versa) takes a fraction of a second.
OK, so the first tests are positive. Gonna try tomorrow to adjust the pot. I may be able to find a setting where it's not needed to switch between 4 and 8 way....I think it's possible with this stick....
Sure it doesn;t have a true mechanical restriction. If you cannot live without that, this stick is not yours...but otherwise, it's very promissing.....
And I really like the possible hack of moving the pot-meter to the CP (or under the CP), making it possible to switch between 4-8 ways electronicaly/adjust the settings per game.....
The only minor problem is that I feel the stick is a little small and tiny with it's 32 mm ball. My 500 has a 38 mm ball handle, that's also a bit longer. Maybe becauser I'm just use to that now.....
The 32 mm handle is almost identical to the Suzo home stick (Competition Pro).
I think I am going to love these baby's......but we needs more testing to do....pics and more report later...