Yes, it is possible; do this:
1. Open VKBDevCfg and calibrate your joystick. Go to Profile/Buttons/Physical Layer and click on the ministick cell (the blue uSSw cell), 1 in pic1.
2. In the new window set the ministick to get switched by TempoB (2 in pic1) and direct it to physical button 82 (click on cell 3 in pic1, uncheck Automapping and set it to 81); close that window.
3. Now click on cell 81 (Line1/Reg11, 1 in pic2).
4. In the new window set that cell as Aux Axes (2 in pic2), assign Swap function (3 in pic2), set its Source as 5 (4 in pic2) and its Target as 7 (5 in pic2); check the Alternate action box (6 in pic2).
5. Do the same for next cell, which is button 82 (7 in pic2), but set the Source to 6 and Target to 8.
6. Now click on the cell 121 (Line1/Reg 16) and in the new window set that button as Boolean (2 in pic3), Operand1 will be 13 Physical (3 in pic3), Operation is JMP (4 in pic3) and Operand2 81 Physical (5 in pic3).
7. Close the window and do the same for the cell 123 (Line3/Reg16, 6 in pic3), but set the Operand2 to 82.
8. Close the window and click on Set button (7 in pic3).
Now you'll have your ministick in POV mode by default. A long press on center button will switch it in axes mode. A short press on the center button, while in axes mode, will swap its regular 2 axes to a set of new axes which could get assigned in game to different controls.