its possible as far as guessing goes. all you have to do is hack a ps2 controller and wire all the buttons,direction. but instead you can just get the xbox version and get the fantec steering wheel which is like the best i;ve ever used.
The only problem with the Fanatec wheel, is that it isn't real force feedback in the sense that it takes its signal from the actual physics going on in the game, but instead just converts the varying degrees of rumble to a sort of "fake" force feedback.
That being said...
The wheel actually does work extremely well with Outrun. Being that it is such an arcade racer, there never really would have been all that much in the line of realistic physics to draw your forces from anyway.
I too was very bumbed that they didn't include support for the DFP, because it is definitely the best wheel available on consoles (and for the most part PC), but the Fanatec Speedster III does deliver, so if you have an Xbox, i'd go that route for Outrun.