Thank you very much for your replies to my query. I shall go on with it as long a windows allows, at least up to windows 7. Recent sticks just dont have its feel.
I used to use the precision 2 as well as the precision pro in combat flight simulator WW2 Europe series using windows 98.
Microsoft support should help with issues related to windows 7 in this page related to the game itself.
http://www.microsoft.com/GAMES/combatfs1/tips_and_support.htm
Combat Flight Simulator Support Statement
The majority of Combat Flight Simulator customers report a flawless installation and a great game experience. However, a few of our customers have reported issues when installing the North American version of the game. If you have experienced an issue with installation, please contact Microsoft Technical Support at 425-637-9308 M-F, 6am - 6pm Pacific Time.
When you call please have the following information ready:
Name
Address
Phone number
Combat Flight Simulator package
Combat Flight Simulator CD
CD drive brand name and speed
A Microsoft technician will provide swift resolution to the issue.
Combat Flight Simulator Technical Support is also available online via the FAQ, or you may search for a specific question in the Microsoft Knowledge Base.