Hmm, from what I've just been reading the Fanatec wheel doesn't appear to keep its setting when you switch the power off. Can someone confirm this?
I know nothing about that Playstation one, but the Xbox Fanatec wheel does. It has 4 different saved settings slots. The Xbox one is a pretty different beast from the one you linked to though, being that it is force feedback, so it has far more settings to begin with.
Lack of force feedback doesn't really bother me. In any case I doubt whether it would still be available when using a converter.
In terms of build quality how would you say the Fanatec compares with the Madcatz?
If the force works like it does on Xbox, then it actually might work with an adapter. On Xbox it uses the vibration feedback, and adds gear driven force feedback according to the type and strength of vibration.
Since the description of that wheel says it works for force feedback on PS1 games as well, then I assume it works the same as the Xbox one.
That being said...
Since force feedback is a somewhat moot point anyway...

The build quality of the Xbox Fanatec wheel is pretty darn good. I found the MC2 wheels to be built pretty nice as well actually.
I'd say they are probably pretty comparable.
Since you are talking about the spring resistance version (non-force feedback), the feel of that could be a totally different story from over all build quality.
I found the MC2 springs to be a little light, but it still felt ok, and it was pretty easy to open up and install heavier springs.
I don't know anything about the kind of springs you would find in that Fanatec wheel.