As I stated in the first post, the game is a top down perspective using one of those 3/4 view. It was very much like the DataEast Ghostbusters game in terms of play style.
As far as characters, I only played it a few times a long time ago so my memory is spotty. I want to say I recall a character in a long cloak with a broad brimmed hat and perhaps a witch. It was either a 3 or 4 player cabinet. The Ghouls and Ghosts theme is right, but like I said it wasn't a side scroller unless my memory is completely faulty. I don't recall any steeds.
Severedhed,
Thanks for the link, I will go through that list and see if I can find it.
The more I think about it the more compulsive it becomes to figure it out!