I guess the first question is what do you plan on hooking this up to? My plans only work if you are connecting to a PC. I was building a MAME/DDR Cabinet and found the #1 most important part to make this work is this little board.
With this, I can house the controller in a box with a ps2 cable running out and connect it to a female port on the front of the cabinet. Then when it is not in use I can unplug the pads, put them off to the side and connect the cord for the arcade controllers.