Looks very much like my centipede cab, so I would agree with that assessment.
There is very little "centipede-ness" left. I say MAME it. However, I would also suggest restoring the original side art if indeed it is there and in good condition.
My cab was fully centipede but didn't work. I decided to MAME it (this was before I knew about the morality of converting, BTW) but I also kept everything except the non-working monitor with major screen-burn, so I could always convert it back if I want. I kept the centipede theme though (side art, bezel, marquee, MaLa layout, and will go with that theme for my custom control panel as well).
If that's literally all you have, you would have some serious work cut out for you to get it to be a working centipede again.
Good luck, have fun, and welcome to the boards!