I have that cab. I think you will be unhappy with it as a 2 player setup. The screen is too flat, and viewing angles from the side are very poor.You practically have to put your head inside the cabinet monitor area as it is, just to play scramble.
If you do decide to convert it, donate the control panel, boards, etc to someone who can use them. I could use the URL power supply, and that joystick looks interesting too (hint hint)

Wasn't this machine on flea-bay about a month or two ago?