I too use the M$ Precision Pro. I got it last year to replace a M$ Sidewinder 3d pro that stopped working. When I first hooked up the P pro, the rudder and throttle both didn't work. I thought this was odd, so I rebooted, and recalibrated in windows and AH, and voila, problem solved. You might try recalibrating a few times, and if this doesn't work, reinstall AH and reboot. (BTW: Dx7.0a is better for many reasons, stopped the annoying stick spikes that I used to get.) Also, make sure you have sidewinder 3.01 drivers.)
(I'm using the USB connection option myself. My sound card does not seem to like digital sticks.)
Hope you get it working, just keep trying.
bloom25
THUNDERBIRDS