Ultimarc ServoStik 4-8 Way Joystick with Power Operated Restrictor. Available with ball or oval top in colors red or black.
Requires control board (sold separately). One board per 2 ServoStiks.

Features:
Full mechanical 4-8 way restriction with powered switching.
Control board plugs into a USB port and controls two joysticks. (Sold separately)
Comprehensive software support including test utility and a special utility which can be command-line or GUI driven.
Integrated into the Ultimarc DLL which provides API calls to perform switching, for front-end developers.
No separate power required. Takes power from USB port 

Installation 
The ServoStik consists of three parts: 

Base Joystick: 
This is installed in the same way as any standard arcade stick. Mounting method depends on panel design, material and thickness. Our blind-hole mounting kits can be used on wood panels of thickness 5/8 in or greater. 

Motor: 
The motor baseplate mounts using two of the same mounting screws as the base joystick. NOTE; The two screws shown in the pictures above, which secure the motor baseplate to the joystick are NOT INCLUDED as these are part of the joystick mounting hardware. 

Control Board: (Sold separately)
Servo Stick Control Board
The control board can be mounted to the motor baseplate of one of the two sticks using supplied mounting hardware. Wires from each motor need to be connected to the screw terminals. One control board drives two motors. A four-player panel will require two control boards. 

Software Support
This simple application can be downloaded here. 
It simply has two GUI buttons for switching to 4-way or 8-way. All detected control boards (and therefore pairs of sticks) are switched. 

JoyTray 
This application can be downloaded here: It supports both the ServoStik and our Ultrastik 360 

Running JoyTray from command line: 

JoyTray.exe -servo [joy4way|joy8way]
(If using Ultrastik 360: JoyTray.exe -u360 [mouse|analog|joy8way|easyjoy8way|joy4way|djoy4way|rdjoy4way|joy2way|vjoy2way])
If you add an -exit argument the program will exit without staying resident. 
Until front-end developers add native support for the ServoStik, this is the way to automate switching. The front-end needs to be configured to run a command line before starting games eg:
JoyTray.exe -servo joy8way before all 8-way games
JoyTray.exe -servo joy4way before all 4-way games

JoyTray Hotkeys: 
When resident: F4 switches to 4-way and F8 switches to 8-way. You could assign I-PAC-connected controls to these keycodes. Maybe use I-PAC shifted codes. 

JoyTray GUI Mode: 
Launch JoyTray.exe by itself and it will show an icon in the tray which can be right-clicked to show a menu. It will gray out the U360 or ServoStik menu items based on whether you have them attached. There is an option to run the program at startup. 

API Support (for programmers) 
The Ultimarc PacDrive DLL incorporates support for the Servostik. It provides two API calls:
bool PacSetServoStik4Way(); 
bool PacSetServoStik8Way(); 
The DLL is part of the PacDrive SDK which can be downloaded here. It contains full documentation.