Okay, don't laugh. This is my first attempt.
I don't like the purple. I would rather the blue jump into the red faster. Also, my radiant glow is much too uniform and flat. I'm not sure I like the blue lettering near the blue background. What do you think?
I would like to know how else to spruce this up, including the fact I would like to make it backlit as well. For example, is it ok to use blue and red for getting a good resulting glow from the backlight on the marquee?
I also had in mind maybe doing a LOTR style, Return of the Arcade, with the silhouette of arcade characters(pacman, donkey kong, mario, Tron, etc) going on a fellowship as seen in the posters. I would also use a middle earth chipped and beveled font. Just thinking out loud.