Good news: Those are regular coin mechs, instead of an electronic coin recognizer so your setup will be easier to wire to whichever encoder you're using.

Are you using "Zero Delay", "Xin-Mo", or some other type of gamepad encoder?
SwitchesWire the microswitch on each coin mech to the corresponding encoder input the same way you would wire a button.
- Microswitch is at the bottom of the mech -- your photo shows pink Quick Disconnect (QD) connectors that attach to the microswitches.
- One microswitch wire will be on the Common (COM) tab and the other on the Normally Open (NO) tab.
LightingEach of the two original incandescent bulbs drew about 500mA. (1A total)
- That's
way too much current draw to power them from your RasPi.
- I presume that the "dedicated power cord" you mentioned is an AC to DC power supply separate from the RasPi.
You can get LED replacement bulbs that draw considerably less current (about 20mA each), generate less heat, and last longer.
General adviceDon't maim for MAME.
- The original wiring looks like it's in great shape.
- Try to keep any mods fully reversable to original.
(i.e. Instead of cutting/stripping the original harness wires, make a custom harness that plugs into the original harness like step 7
here.)
Scott