Yes, a pc analog stick will work.
As for the throttle.. use a 2nd analog stick for that. Maybe change the handle to something a little nicer.. and limit it to only up/down.
It may be easier to find an Afterburner throttle on ebay and hook it up to your pc joystick guts.
If you are good at constructing things, it wouldnt be too hard to make your own.
Just remember that afterburners throttle is centered in the center. (unlike a shifter which pulls to either up or down)
If you can afford it, buy a used arcade analog control stick, or buy a new one from happs. Afterburners a game in which you probably will slam the stick arround often... and pc sticks arnt made very sturdy... and may break down in a short time.