I'm new to building panels but was an 80's teenager, so I figure I can throw some advice in.
I think any joystick selection will be very dependant on the application or game you want to control.
That being said, I have a 60in1 board running older classics that I just recently built a panel for. I started with a "recommended" 4-way red-ball joystick and was quickly disappointed with the stiff feel. I had heard good things about the Mag Stick series from Ultimarc and liked the 4 to 8 way changing ability (Using only a pull and twist on the handle of the joystick!!). So a few days later, a red-ball version arrived and was installed with great satisfaction afterwards. I will say that I would not use this joystick on my Mortal Kombat game! It has just too short of a movement (but works perfect for the classics!).
I recommend the Mag Stick Plus
with a few Comments:
The mounting plate is narrower than the "almost square" joystick variety, I actually wrote Ultimarc about the issue and I think they may look into either an optional mounting plate or changing it. For my metal panel, the plate fit between the screws with just a touch of grinding on the edge of the mounting plate.
The 4 way mode of the Mag stick is a true mechanical 4-way, meaning that the joystick has the diamond shape limiter in place in this mode. You never realize how much this makes a difference until you use it in a game like Pac-Man!! Don't settle for a joystick that moves full circle if you want the best 4 way game experience.
I hope this helps with a little info, I think that joystick selection is based so much on the buyer/users tastes to say that one is better or worse. But I do think the Mag Stick is worth a consideration for a well built, switcheable joystick. We just need a US distributer to cut shipping costs!!