Quick update: Installing the inverter board means soldering the 16v wire to the chassis. For that I would need to disassemble the machine which I don’t want to do at this point. Down the road I might have to but I don’t want to stop a running system. It also seems to not be straight forward switching between inverted and non inverted this way.
It is very easy/straightforward to switch between inverted and non-inverted with the original Sanyo inverter board. You just unplug a connector and plug it into a different header. It has a header labeled "invert out" and another header right beside it labeled "non invert out". Here's a picture of one of the Sanyos in my Super Punch-Out cabinet:
The RGB cable from your boardset or MAME PC plugs into the RGB header on the right-hand side (labeled "input"), then there's a short RGB cable (not shown in the picture) that goes from one of the two output headers ("invert out" or "non invert out") to the RGB header on your monitor's chassis.
In my case I have it completely bypassed (using the "non invert out" header is electrically the same as bypassing it, because it's just a pass-through connection), because I'm using an actual Super Punch-Out boardset which doesn't need that inverter board, but I've used it before when connecting a JAMMA boardset in order to display a test pattern (neither Punch-Out nor Super Punch-Out boardsets have test patterns). I have 5 Nintendo/Sanyo monitors and they all came with that inverter board from the factory. That inverter board is the main reason that arcade operators loved the Nintendo/Sanyo monitors, because the inverter board allowed them to easily be used in both Nintendo and non-Nintendo games, which makes them more versatile than other classic arcade monitors.
Also, are you sure your chassis doesn't already have the power wire for the inverter board? It's a single red wire with a white 3-position connector on it which plugs into the 3-pin header on the inverter board (located on the left-hand side of the inverter board in my picture).