I've also been looking into this. The only solution I have found is a slightly Heath Robinson solution using some software called "GlovePIE" which allows you to map keyboard controls (and probably Midi but I haven't worked out how to get Cubase to recognize the controller as a midi device) to the XBox controller.
Only word of warning is that GlovePie's installer has some irritating browser add-ons you have to remove.
I can now play, pause, record, delete, undo, zoom in and out, rewind and fast forward using my controller.
My script (which you can copy and paste into a GlovePie window is as follows:
// GlovePIE Xbox 360 Controller -> Cubase
// By Richard Kirke
//Play or pause
Key.Spacebar = XInput.A
Key.Y = XInput.Y
Key.NumPadDot = XInput.LeftTrigger
Key.Numpadminus and key.Ctrl = XInput.LeftShoulder
key.Numpadminus = XInput.Left
Key.Numpadplus and key.Ctrl = XInput.RightShoulder
key.Numpadplus = XInput.Right
Key.H = XInput.Up
Key.G = XInput.Down
Key.Delete = XInput.X
Key.z and Key.Ctrl = XInput.B
Only thing you have to do is to map 'y' as a key to record as well as * as I can't work out how to output an asterisk with GlovePIE
Hope that helps
Grace and peace