I suppose it is possible. Perhaps using a Happ Controller
http://www.happcontrols.com/images/5...8350_color.jpg
The only thing is usually the gimbal's are really loose, Arcade controller's usually have a spring mechanism to force it to return to center. So I would think you would have to weaken it in that way.
Might be easier to track down a nice "ball head", do a search on ebay. There are a lot of them. Some of the more expensive ones even have bearings.
I finished up version 3 of my steadicam today. I'll post on it some shortly. I'm trying to figure out posting to Vimeo..