Yes. MikeW made one and its pretty neat. I think JasensCustoms.com sells the components under the name MorpheUSB.
http://www.jasenscustoms.com/MORPHEUS_p_30.html
Wow. Just watched the video and it was pretty cool to see him playing Street Fighter from the backyard.
I would really like to see it in action with a Neo though instead of a PlayStation but I understand the idea of what he has got going on here.
Is MikeW on this forum?