Make it exhaust for sure. Some original arcade cabinets came with fans, you DO NOT want to see what the inside of a cabinet with an intake fan looks like after a couple of years (like one giant dustball).
Real life example. My Out Run has an intake fan, even after I cleaned it the inside still looks like it is caked with dirt (except the boards, which are oddly clean), the monitor is especially dirty.
My Do! Run Run has an exhaust fan. It is older than my Out Run by a couple of years, yet is so so clean inside that you could eat pudding right off the bottom of the cabinet.