No it doesn't. The Cthulhu is specifically designed to put inside a xbox 360 fight stick and make it compatable with the ps3 as well. It requires you to physically hook up each individual switch to the board, so it wouldn't be helpful for this purpose.
In regards to the original question, The idea of having multiple gamepads hooked up is nice, but it's complicated to get working properly. My suggestion:
Start with a third party xbox 360 gamepad that has a good dpad. That'll handle things 90% of the time. If you insist on a controller without analog sticks add a snes pad to the list. It'll have the same layout as the 360 pad, but I can understand the need to use it for the older consoles. If you enjoy the n64 you are going to need an adaptor, those games just don't feel right on anything other than a n64 pad. If you are a Sega nut, you might want to add a 6-button genesis pad. The playstation games really need Sony's terrible, terrible controller.
So to summarize:
360pad - Required
N64pad -Required for N64 games
Snes - Optional but reccomended
Genesis - Optional but reccomended if you really like Sega games
Dual Shock - Reccomened for Psx games.
Unless we want to go into the annuls of video game pre-history, the controllers listed above cover all major gamepad layouts. There are multiple controllers per generation, but they usually copy a lot from each other. I'm skipping the 8-bit era because all of those consoles used what was essentially the NES gamepad, and the SNES/360 layout will handle those games fine. I know this is sacrilage, but I wouldn't bother with atari controllers as they were terrible. Maybe the racing/tennis controllers if I were really into the handful of titles that supported them.