It depends on what your cab has been through in the past.
For instance I have a Pac-Land cabinet that I peeled the sideart off of (luckily it hadn't been painted over) and underneath was smooth particle board with a light coat of sealer -- really no need to sand at all (generally if the surface is smooth enough for laminate it is more than smooth enough for primer), but I sanded just a little by hand with 100 and 220. I would assume that your Centipede also has adhesive backed vinyl sideart.. therefore I would suggest one of the following:
1.) To try to save the sideart, use Goof Off to try to remove all the paint;
2.) To abandon the sideart, -- provided it is the same kind of vinyl and hasn't been superglued back on at any point -- you can probably just peel it off paint and all (get a scraper or dull razor blade to make this easier).
The front panels probably use black laminate, -- this stuff also peels off, but can be more stubborn than sideart for some reason -- but unless you have edge/corner chipping I would just leave it on. Even if you do I would just touch it up.
I've broken several mouse-type sanders and don't like them myself.. but a belt sander would probably be really rough.. my personal preference leans towards hook and loop sanders that use the velcro discs.. but for sanding particle board like this? Just do it by hand, assuming the surface isn't ready to paint to begin with.
I think most will recommend indoor/outdoor semi-gloss applied with a roller. I'm actually going to go out on a limb and say that I'm becoming partial to spraypaint (sorry, but it looks fine to me as long as you follow the directions).
PS, I would really recommend just sanding the paint down or peeling it off, maybe refinishing, and buying some repro sideart.. Centipede is a classic and the sideart was not only cool but is readily available from several sources. In fact, Centipede is one most my most wanted dedicated games!
