What USB adapter are you using? I'm using a Trio Linker Pro (I think). I had the same issue, where the control was so bad that it made it agravating to play (useable, but very very difficult to keep the guy in 1 spot for extended periods of time). However, I don't think it was Chankast. I think Chankast was just too sensitive. What I mean is, I looked at my controller settings (meaning, the settings of the USB adapter), and the left analog stick points slightly to the left, constantly (the right analog isn't any better, actually). I tried for around 2 hours to center it using the drivers and options provided by the USB adapter (I even went and downloaded new drivers), but I never got it to where it needed to be. So, I finally went to use my Gamecube controller, and that was even worse. Far, far worse...
Luckly, I have more than 1 PSX controller (both of which won't center properly, apparently), and more than 1 GC controller. So, after switching around, testing and trying, I've discovered that my (newest. I had to open up my Megaman X collector's edition GC controller. It's NICE!) GC controller works great. So, based on that experience, I'd say that either Chankast is too sensitive (since the PSX controller has never given me a problem before), or that the drivers for your device might not read the controller properly, or that the controller you're using is too old, or that the controller is sending bad data to your USB device (like my GC controller was).
Did that help at all? Hopefully it at least made sense. Good luck getting it working. Mouser X over and out.