Any way to "emulate" an analog stick when all you have is an 8-way?

[esoteric]

I have Hyperspin setup on my arcade cabinet at home and I'm loving it. I would really like to play N64, PS2, Dreamcast etc. as well but I only have an 8-way stick so I'm out of luck when it comes to analog control (I think). Is there anyway I might be able to emulate analog control using my 8-way stick or am I stuck needing to get one of those analog joysticks you can install on a cabinet?