I originally thought of rebuilding my control panel, but instead decided to build something more simple and be portable in a way that I can remove and install to my CAB easily, or hook it to a computer or Rasberry Pi.
The goal is to be able to play the games such as Centipede, Golden Tee, and Wacko - I didn't feel that rebuilding a control panel just for those 3 titles justifies the effort/time.
The parts I used to build this includes the following:
1 USB Zero Delay encoder
1 Ultimarc Utrak trackball
1 Suzo Joystick
1 Happ button
3/4" plywood
Keeping things simple and cost down.
Here's the layout of the control panel - having the joystick and 1 button allows me to play Galaga, pacman, etc...simple games with 1 buttons.