the argument of putting a copyrighted image on a cake as opposed to restoring an arcade are two totally different things.
One can argue that it's fair use to print arcade artwork under
fair use. I'll try to clarify this legal stance in terms that pertain to arcade owners
restoring an old cabinet.
As an arcade machine owner. You have not only purchased the physical parts of the machine, you have purchased the right to own and operate the machine in it's original form. Many companies have use this clause as a sort of license. By purchasing an item such as a video game, you have been granted a license to operate the device in its original form. These are 21st century terms as more and more companies have become far too legalistic.
While fair use was specifically aimed towards not for profits, editorial pieces and research, many commercial entities have used and succeeded in using fair use to their own advantage. Because of this however, you should have the right under fair use to go ahead and print out a reproduction image. You have essentially purchased a license to run the game, in its original form and as such, should have enough legal standing to restore the unit back to it's original shape, including copyrighted images on the side of the machine, tags, labels etc for your own personal use.