BTW, I have that cab. Works GREAT for hotswappable control panels. might be the best out there since the control panels are so darn easy to make extra for.
As a quick note. I would strongly recommend rewiring your cab completely. You will have to modify it anyway.... So having a hybred of new / old wires will stink. And it will help in the long run (so you know whats going on, plus you don't have to worry about other peoples wiring).
But here is a quick overview on the common ground.
To make a button press, you have to make a connection for the key specific wire to ground. You can do this by hand if you want with your keyboard encoder (just wire the 'A' button to the ground and it will always have the 'A' pressed. Unwire it and it unsticks.
Now there is only one ground for all the keys. So as long as you have the ground side of the button connected to some ground somewhere you are fine (keyboard ground, I wouldn't connect it to your power supply ground

). Now this can be connected (and most common) with a daisy chain (ground is connected from one button to the next to the next ect... Or a seperate ground wire for each button (but that doubles the amount of wire you have to buy / wire / see). So you should highly consider going with daisy chaining.
but sometimes you just want to split items off. It really doesn't matter. You could have the ground wire coming out of you keyboard encoder... then split into 5 wires (just tie them together... wire nut and your done). And each of those could be daisy chained. this can really simplify your wiring.
But all in all... if there is a metal contact from the one ground to another ground... its all good. Not matter how its done.
Some advance uses... to disable a button, you can just break the ground. And to disable a group of buttons you can break the chain of grounds. So if you want to disable the coin buttons to require the coin door, you can do it. Or if you want to disable the 4way joystick which is also has the same buttons as your player 1 8way joystick you can (useful so when playing street fighter with a friend, they cant grab the 4way stick to mess up your combo)
BTW, good places for wire is home depot for the common cheap color (get stranded, NOT solid core.). Then buy some .187 quick disconnect ends (red) from peale in the buy/sell/trade forum. Then get a crimper (6 bucks or so from home depot). Then get wire from therealbobroberts.com. He sells a group of different color wires (each color 10 feet) for like 7 bucks. more expensive but nice to be able to easily trace back to a button.
Then use the cheap generic wire from home depot for the ground. Then use the individually colored wires for each connection.
Also, wire ties are good. especially ones that you can screw into the underside of your control panel to make it look all nice and neat.
Just my recommendations.