While this monitor would be big enough, it won't perform as well as modern LCD TVs and computer monitors. The contrast will suck, it won't be as bright (meaning you can't put it behind tinted glass to hide LCD flaws) and it will ghost like crazy. Response time will seriously suck and when you add that in to all the built-in MAME and controller interface lag that all setups have, you're probably looking at five frames or more of input lag.
I can understand wanting to keep the budget down but I'm not really sure why anyone would want to put a thirteen year old LCD in their cabinet when LCDs panels have improved like mad over the last five years.