X360 PCB's work great with the HyperSpin Startup Script (known to work the Madcatz Brawlsticks (X360), Microsoft X360 controllers, Akishops PS360+, and MC Cthulhu). So you shouldn't have any problems.
Firstly, in HyperLaunch, disable all the external keymapper functions. Then skip Xpadder setup entirely. I think the step that you missed is starting HyperSpin Startup Script to start with HyperSpin. Setting up the ini file with 'Joysticks_Enabled=True' is not enough. Go into HyperHQ in the Startup/Exit tab and browse to the HyperSpin Startup Script.exe file is located and set it to start with HyperSpin. Once done, it should work.