I suppose it's possible...considering that they sell aftermarket shafts. You're going to run into a problem with those ridges around the base of the shaft, however. Some people here love 'em...if not, ask around www.arcadecontrols.com
I'm just not sure how to go about it. I think it's something to do with the little clip underneath. But if I manage to take that out, it does not look like the stick will come apart.
Edit: OK. I see now how the clip comes off and releases the stick. Tricky though.