Kleinstein is on the right track, but no MOSFET is needed.
Its actually trivial to do in the analog domain provided you've got 0V available at the controller. All you need is a dual low input bias current true rail to rail precision OPAMP (that works at 5V) configured as two unit gain buffers, and two precision resistors, one 49x the other. Use one OPAMP to tap off a buffered copy of the voltage at the bottom end of the 'pot' The resistors form a divider between its output and +5V, so as to get 49/50 of the voltage between it and the +5V rail. Buffer that with the other half of the OPAMP and feed it to the top end of the 'pot'.
Result: the voltage across the 'pot' is reduced by a factor of 50, so from the point of view of the console, the 'pot' appears to be 50 times its actual resistance.
It doesn't need very fast OPAMPs, because it only has to handle the slew rate of the worst case 1K8 x 47nF RC charging curve + settle in whatever the minimum time the I/O pin is taken low to discharge the capacitor, which is not likely to be very brief.
LTspice sim attached.