This is the joystick I'm referring to, I am getting one of a guy for free, and I'm planning on utilizing this joystick as my Ebrake handle (with a bit of a modification), thing is, I have no idea what this model is, and its probably more than 5 years old, and uses a serial port instead of USB.

My question is, will LFS recognize this serial port Joystick?

That's no serial port, looks like an Gameport connector to me, as long as your computer has a gameport you should be able to add it to the Gamecontroller section of the windows controllpanel