It *could* have a second encoder that tells it a North or "0 degrees" mark like the 720 joysticks had but I seriously doubt it. I've never seen that on a steering wheel or anything else other than 720.
Not common in arcade controllers, but the "0 degrees" index is more normal than not in
industrial incremental encoders (aka relative encoders) AFAIK.
Not sure. It is 360. You can spin it around as much as you want... around and around and around..
Interesting. There are such things as 360 degree POTs and were used in
warlords, and mame emulates with a paddle type input (IOW, assumes POT 270 degrees). OTOH, in addition to indexed incremental encoders (like 720 controllers), there are absolute encoders. I doubt absolute encoders were used, though. Hmmm....
Any chance of posting pics of the insides? You've got me curious.