You really need to sit down and plan exactly what it is your planning to acheive in a conversion.
For me, I was building something out of nothing. Wrecked cab $100 into something fun. I wasn't aiming for authentic conversion or restoration, just a fun hobby.
When you already have a working machine, you need to figure out if your intending to keep it Arcade authentic or MAME/Sim.
If authentic is your goal, then pursue the oem/logitech hack a'la sharkfactor.... if not? save yourself a world of pain and find way to slot in a decent PC wheel. I spent most of my time in the build just figuring out how to mount that damn steering wheel.
Check out my build photo's (in no particular order mind you) here:
https://plus.google.com/u/0/photos/113878401085172785670/albums/5706973562574671825I'm using a G27 in my machine now, although I used a G25 for my initial sizing for dash fit. As for shifter, I have the working padels on the wheel, 6 speed H-shifter like normal and for the kicks, the original sequential on the dashboard was wired to a cheap $5 joypad I got on ebay. As were the coin slots which also work like normal gamepad buttons and are mapped to the coin button in M2Emulator etc...

The Logitech G27 works with Every PC game (except NFS: The Run.... but thats an EA problem oddly it conflicts with a mouse?!)... It works great in both M2E and Supermodel 3. I haven't found anything that I've wanted to play, actually be held back by choosing the Logitech. Just making it look like it should be in the dashboard is the hard part.
Choosing the right screen.... the right screen will make or break all of your effort. I'm not familiar with the condition of your machine, but if it's CRT and looks good, you may want to stick with that. Otherwise if LCD replacement is what your looking at, then seriously, don't skimp on the LCD... a cheap poor contrast and poor viewing angle will make all of your efforts look terrible. If you have the space, get nice samsung HD in there. You'll thank me when you do.
Model 2 Emulator looks a-m-a-z-i-n-g on a Samsung 40" D6600 LCD. But it's worth taking a laptop into a store and seeing what it looks like from an arm's length away before you commit to buying something!!!
Youtube Channel for ideas:
http://www.youtube.com/user/ramjetr?feature=mheeDon't forget to post pics of your build. Everyone is happy to help, but not everyone frequents the site daily.... it takes quite a bit of effort to collate and respond in an informative way to help you.
Looking forward to seeing what you come up with

Ramjet