Thanks Sine!
Update:
1) Symptoms: After Calibrating it through Bugdom, it would go through about half a lap in Pod Racer with direction control working but at constant, uncontrollable speed (normally speed is to be controlled as an on/off thing by the joystick trigger). Then it would loose its right side direction and be pulling completely to the left, eventually just running around in circles by itself. (I read other people mentioning this) After hitting a whole bunch of keys and mouse clicks I would sometimes be able to get it out of that mode and back into normal but not for long.
2) Light at the end of the tunnel? After spending an hour and a half trying to debug the thing I started to suspect something funny about the mouse. Then I found in the Pod Racer manual a little sentence buried inconspicuously which said something like "Some mouse controls may interfere with joystick. In that case, hit Command M to disable it". I tried that and sure enough, it "appears" to have cured the problem - so far at least. Then I remembered people saying bad things on this board about the Logitech mouseware software. So I trashed that (it was version 3.5) and everything seemed to work much better... except that, obviously, the mouse wheel wasn't working anymore. So I downloaded USB Overdrive which gave me that option back.
Moral of the story: Logitech Mouseware 3.5 appears to conflict with Cyborg 3D and/or Pod Racer. Unless I post another update, that is the (happy at last) ending of this part of the story! (I haven't tried it without disabling the mouse contorls in Pod Racer yet)
Now for another question on this setup: I liked the fact that the Cyborg 3D had this cool throttle on the base of the joystick. But when I go to the Pod Racer Joystick setting and click on throttle to set assign it, it says "Move joystick control and hit Enter to assign it to this function" (or something like that). But when I go ahead and move the throttle up an down, the Pod Racer settings don't seem to recognize it and all I get is a bunch of question marks. So right now, all I have for speed control is the on/off switch in the joystick trigger. Does anyone know how to activate the "real" joystick throttle?
Thank you very much!