The only real downside to this modification is you don't get the updated joystick potentiometer or easy to configure jumpers.
While some suppliers have released a newer version of this stick, you aren't guaranteed that you will receive it from all suppliers, they have also increased the price of this version and there are still minor issues with these sticks that micro's redesign has fixed. This swap will also work for that board too, by just removing the components in the same positions.
Micro's mod relies on the ATtiny24/24A. The great thing about the chip is it has a highly configurable pin layout. Through some simple reverse engineering of the original board, reconfiguring the code's pin dependencies and some chip reorientation, I have been able to get this to work by removing a couple of passives on the original board and replacing the existing IC with the ATtiny24. You can either use the SOIC based ATtiny24 or ATtiny24A (whichever is easier to source), as they are identical for this purpose except for minor current requirements.