Well, finally I reached a working solution, and it turned out to be an easy one.
Using the above connection, I added a two position switch like this one
 It will work as a selector for two different modes with the same gear shifter, and it will all go like this
 Mode 1 - works in games like Chase HQ or S.C.I.
Mode 2 - works in games like Out Run or Pole Position ( toggle method), this should also work in games
              that use two different inputs for Hi and Low, as long as you assign them the same letter. Like 
              Minwah mentioned I can't really remember any game either, but if I come across one, I'll post later.
In 
Mode 1 there's no catch and works perfectly, in 
Mode 2 the only catch is that you have to engage the right gear before the game starts( as an example Out Run starts in Hi  and  Pole Position starts in Low).  
The two position switch is really small and can go unnoticed anywhere in the CP. Above the shifter, underneath it or in here:
   Finally, if you don't want to have a constant key pressed when not playing, just engage Hi Gear in either 
Mode. 
