We just got a new CM3L+ in yesterday. It can be made to work, but it's not as straightforward as you might think. I think that'll get better when the updates get into apt.
The new CM3+ is clocked at the same max clock rate as the normal CM3. It is better at using less power and better at dissipating heat.
If you want to try your module out, you will first need to fully update your system. I'd definitely suggest making a IMG backup of your SD before you do this.
Minimally, you might be able to get by with these steps.
For anyone reading this after February 2019, I would guess that you can just update using the built-in RetroPie updates at some point, so I wouldn't recommend going this route unless you HAVE to. rpi-update and rpi-source will grab stuff from outside of the apt/Raspbian control scheme.
sudo apt install rpi-update
sudo rpi-update
In theory, after that, you could shut down, pop in the new module, and start up the system. The button driver will likely NOT work. To rebuild and install it for the new kernel, do this.
ls /usr/src/
Look for the newest number behind mk_arcade_joystick_rpi. If it's not 0.1.5.7, change this next command accordingly.
sudo apt install -y --force-yes dkms cpp-4.7 gcc-4.7 joystick raspberrypi-kernel raspberrypi-kernel-headers wiringpi
dkms install -m mk_arcade_joystick_rpi -v 0.1.5.7
If it complains about missing kernel headers, then you need those. You can get them like this.
sudo apt install libncurses5-dev bc
sudo wget
https://raw.githubusercontent.com/notro/...rpi-source -O /usr/bin/rpi-source && sudo chmod +x /usr/bin/rpi-source && /usr/bin/rpi-source -q --tag-update
Then try this again,
dkms install -m mk_arcade_joystick_rpi -v 0.1.5.7
