Thanks for the input. After my post I found the email for Andy @ Ultimarc (nice guy). He answered my questions and I decided to go with the Mag-Stick Plus.
On the Ultimarc site it states "This is the only joystick in the world which can be switched over from 4 to 8 way from the top with no lever or other unsightly intrusion. Keeps the panel arcade-real but still gives the ability to play all 4 or 8 way games with the true feel of the correct mechanically-limited stick.
To switch: Pull out the stick against the spring pressure, continue pulling while rotating, until the mechanism engages, then turn anticlockwise for 8-way, or clockwise for 4-way. The stick clicks into position when turned 45 degrees. The mechanism actually rotates an internal restrictor plate and also rotates the microswitch actuator for a perfect 4-8 way transition."
So it sounds like this joystick is perfect.