It's your property so it's your decision,
but since you asked . . .

If you need to service the rotary switches on those LS-30 sticks, there is a good writeup
here.
If they are in good shape, they are usually in fairly high demand, especially if they have uncut harnesses. (please don't cut the original harness if you can avoid it)
For a MAME cab with a wood panel, a Happ Mechanical Rotary from Divemaster
here would be easier to mount. (Be sure to specify the mechanical 50-561
8-00 in your order notes.

)
BTW, the Happ sticks are still being produced -- the LS-30s aren't AFAIK.
For a rotary encoder, I recommend the open-source keyboard-style KADE miniArcade or microArcade encoders available
here. More info
here.
GGG also has two gamepad-style GP-Wiz40 models
here with rotary support.
Personally, I would avoid the Ultimarc Rotary encoder -- it
is plug-and-play, but isn't configurable and only encodes the rotary switch, not the joystick microswitches or other buttons, so you'll need an IPac or other encoder as well.
Also remember to
properly configure the rotary games in MAME -- full rotary game list
here.
Is the Ikari Warriors cab a candidate for restoration or is it just a parted-out shell?
Scott