your right on both accounts, i think. i got a little lost.
if you have or want two 49-ways, you need two gpwiz49's. the rest of the inputs you can use for a regular joystick or for buttons, as long as you can remap them. the difference between the three different kinds is that one you have to solder your own wires to the holes, the second you can use an ide (or is it a floppy) cable to connect to the board, and the third has screw terminals and i think is larger.
EDIT: dito i guess...