AWESOME! Lots of action on my thread. I was beginning to wonder if you guys recognized a good opportunity to whip on a guy or not. Yes, ALL good points indeed. So I had 3 goals when I started this. #1 Goal - To Finish the Project and Have a Working Stand Up Arcade. #2 Goal - To Not Spend a Mint and Not Take FOREVER. #3 Goal - To not end up on crapmame. The first two goals are a success. The 3rd one is up to you guys, haha.
Yes, I did understand that the slots are about to be filled again so my irony isn't really applicable here. But still I couldn't resist making fun of it. Please don't take it as a personal insult.
^^^ No offense taken. I realize that by cutting the holes, I ruined the integrity of the laminate. My plan was always either to repaint the entire cab afterwards(I don't like the idea of painting), get new laminate OR cover the entire side with graphics so that the patches would never be seen. Right now, I am just rocking the patched holes until I decide, but I am happy with the way the original pieces went back in. I was able to shave them down with my tablesaw enough to get them flush with the rest of the side and wood putty nicely filled the gaps.
Also did this thing come with a CRT that you cast aside? I think id still be looking for a more appropriate sized monitor.
Why didn't I think of getting a more appropriate sized monitor?

? Anyone got a few hundred extra bucks laying around that I can have?

?
As far as the CP, why not just cut it off or unbolt it and make a new one?
This was also my plan all along. I knew that the existing CP would not work and modifying it was next to impossible.
So onward to Canterbury!
I have made some serious progress since my last post. See my pics below. I was heartbroken when I removed the diamond plate and saw the HUGE hole ripped in the front of the cab around the coin slots. I guess the original arcade was robbed and the thieves just had to have those quarters. So, the diamond plate stays, for now. I would really like to replace the entire front piece but I don't know if I have the energy at the moment. I don't feel so bad about cutting the side holes now because the cab was not 100% perfect to begin with.
I modified the original plastic bezel from the TV to fit in the cabinet. I painted over the "Vizio" branding on the front so that it wasn't glaring. It is hardly noticeable unless you're looking for it and it looks a lot better than the metal from for the TV or the bezel that I attempted to make out of black foam board.
I just installed my T-Molding last night but have not had a chance to take a pic, but I will soon and post a semi-finished project. The slots for the T-molding are 1/8" instead of 1/16" so I am going to have to glue it in place. I had the glass cut and it turned out to be a REALLY nice fit. I think it looks great. I think I may have to relocate the Wii sensor bar though because the glass causes refractions and the iR doesn't always work perfectly.
On to the CP. I miscut the hole for the trackball

but it was still a really tight, good fit so I left it. I am a little mad at myself for leaving it, but the rest of it turned out so well I didn't want to spit in the face of "near perfect". The only tool I didn't have was a 3" hole saw and it turns out that I am not as good free-handing a router as I thought.(I did not have a router when I cut the holes in the side, I had to borrow my friend's).
As for the controls themselves, I didn't really want to do any soldering because I tried to mod my original PS1 and destroyed it. I was also only 15 but I still don't trust myself with a soldering iron. Also, I wanted to hook it to my Wii as well as a MAME PC, so I took the bait and ordered the XArcade 2 player kit with Trackball. Basically a Tankstick without the wooden enclosure. Everything seems to be really good quality and the install went really well, UNTIL, I started connecting the wires. Holy short lead Batman! I did get every button and joystick connected successfully, but I had no slack left to mount the CP PCB anywhere so it just dangles. There are no pics of my wiring as I was too ashamed

. I will have to go back and get some connectors to extend the wires so that I can properly mount the board. The Good News is that despite its shortcomings(see what I did there?), I hooked it up to the Wii and it worked almost flawlessly, instantly. The only snafu is when a player presses 6 buttons simultaneously in the SNES EMU, it thinks the Wii HOME button has been pressed and pauses the game, which is not normally a problem unless you play Streetfighter like I do and just press every button as fast as you can.
So here it is, complete except for the art(and the T-Molding which is on it now). It's not a showpiece, but it is functional and it's not embarrassing. I'm pretty proud of what I turned around in only 2 weeks from cab acquisition to completion. Already having lots of fun with it. Let me have it, the good, the bad, the ugly. Thanks for taking the time to care at all about my little project.