Is this possible:
This is the standard Ultimarc UltraStil 360 8-way layout

For Smash TV, I was going to have all 4 player joysticks straight with the monitor for games that require 2 sticks per player. But, what if I do angle the Player 3 joystick so that it is at a 45 degree angle to the monitor (like a SlikStik Quad layout). The U360 layout would be standard, just the stick is rotated 45 degreees, like this:

Then, for 2 stick per player games, I would change the Player 1 U360 layout to this:

This basically rotates the P1 joystick 45 degrees in software. The player can face the monitor at a 45 degree angle and use both sticks normally. For the P1 stick, Up & to the right is converted into Up, Up is converted to up & to the left.
P3 & P4 would have a standard 8 way layout. P1 would have the special layout above, and P2 would have the mirror image of the layout above.