So, in a nut shell you will be hard wiring certain keyboard keys to the button and joystick contacts. For example, you would map the arrow keys to their respective directions on the X-Arcade joystick, correct?
If that is your plan, it sounds rather strait forward and simple, but a TON of soldering! The only thing about this is that you'd be stuck if required keystrokes changed from one game to another.
I know there are different keymaps that you can swap out in Workbench for things like French, USA, etc. types of keyboards. It might be worth looking into a profile program that you can run before starting your game to remap certain keys to make the best use of the X-arcade.
This would make so if one game uses the ESC key to pull up the menu and another game uses the "P" key, you could just switch the mapping and away you go!