Well. I haven't big hope, but:
I'm a big fan of JoyToKey. It's keyboard emulator, you can assign a key or a key combination to a joystick button, and then simulate key pressing by button pressing. So I've assigned combination ALT+B to one joystick button, but it doesn't work. In game guide I've read, Wing Commander III doesn't accept multikeypressing assign for Gravis Phoenix. I'm using Thrustmaster 16.000M, but this doesn't matter. But maybe after 25 years someone has found a solution? The official joystick patch changes nothing...
I'm a big fan of JoyToKey. It's keyboard emulator, you can assign a key or a key combination to a joystick button, and then simulate key pressing by button pressing. So I've assigned combination ALT+B to one joystick button, but it doesn't work. In game guide I've read, Wing Commander III doesn't accept multikeypressing assign for Gravis Phoenix. I'm using Thrustmaster 16.000M, but this doesn't matter. But maybe after 25 years someone has found a solution? The official joystick patch changes nothing...