Interesting idea ... you might want to consider some more current artwork, like the Galaga and Pac anniversary editions...
yeah, i've been playing with this idea as well, like do a reworked/updated version of the galaga graphics or just toned down colorwise... b&w even maybe.
As far as veneered sides, Peale has a Galaxian cab that he sanded down and stained with good results (I wouldn't do the same thing, but have to give credit where it is due).
well, looks pretty cool imo.
i would have something like zebrano or wallnut for the panels and everything else would be eggshell black or some textured black. let's not forget the chrome plated cp.
Aurich created his own game theme using the Galaga cabinet...
all blue with no art looks pretty hot too imo.
To me, I'd turn it into a Galaga. Who cares what everyone else is doing. If you like it, you like it. 
yeah i'm still considering it though, my problem is i keep coming up with new ideas all the time.
maybe i should just build 2, or 3, or 4...
guess i will need to do some virtual mock-ups to start with.