yes... it should work... actually, I have a similar concept... because I figured that if I can "reuse" the joystick / button hardware, I can save myself some $$$. So, my joystick is just a joystick with 10 buttons, all wired to 2 cat5 connectors... (I have network cables lying around in my house... and network cables are very easy to plug / unplug)
then I hack a sidewinder and put all circuity into a radio shack project box with wires dangling out on 2 sides... 1 side is the gameport plug, the other side has 2 cat5 plugging back to the joystick...
it works great !!!... by now, I have made 3 joysticks !! (ALL to the same wire config...), finished 3 sidewinder hack, 2 playstation hack, and 1 sega saturn hack. and
basically, they're all interchangable on the fly....
last week... I have friends come to my house and play.. and we can actually play VF4 on ps2 using my psx hack... heee heee...

according to my "plan"... I'll do 3 more joysticks.... (well.. some for my friends...), then dreamcast hack, xbox hack, and finally my cabinet !!!!.....
the good thing is, once I finished the joysticks, I can just concentrate on the hack and it can plug right into the already finished joysticks !!!!
I'm trying to post a website showing what I have done... I've done some write ups.... but I can't get my hand on a digi cam... so, no pics for now..... (I know... that sucks... ) that's why I have not been posting my site... hopefully... I'll be able to get a digi-cam soon....