<smacks forehead> What a ---smurfing--- novel idea. Could possibly even shorten it some.
Yes....
The footprint probably wouldn't be much more compact with Cherries though. You'll gain quite a bit vertically, but how much would you lose to the throw distance?
Level42, what's the history behind this? Where did you get this stick?
Perhaps the joystick didn't come from an arcade cab, but from some other application? Wheel chair? Industrial machinery? Railroad? Those are several applications I can think of where surface mount real estate might be at a premium but depth of the mount might not be an issue.
Where ever it came from, this would make for an interesting joystick to use.