While stripping and repainting might be a lot of work, it will be worth it in the end. I mean, you'll be looking at it quite a bit so you might as well spend the time to fix it up.
I bought a coin door dirt cheap off of E-Bay and spent maybe two weekends stripping the paint off, de-rusting all the rusted parts, and then repainting it. If I could do it over again, I'd have used truck-bed liner to repaint the door since that stuff sticks to EVERYTHING and has the texture I'm looking for. Instead, I just used Rustoleum Hammered Black paint followed by a few coats of Satin Black spray paint over that to kick back some of the gloss.
For wiring it up, you can do as mentioned before and take the switch from Slot 1 and wire it to the proper spot on your encoder. Do the same for Slot 2. The bulbs that are in your coin door should state at the base what voltage they use. Typically, coin-door bulbs use 12V. I replaced mine with LED bulbs since they last MUCH longer and don't give off a ton of heat. They will be powered by the computer's power supply.
If your coin door has a meter and you want to hook it up to your encoder so it will work, then you just need some solder, four 1-Amp Diodes, and a spare USB cable that you're willing to hack apart. Start off by crimping two wires into each quick disconnect that will be connected to the coin switch. (A total of two QD's; One for each coin switch). One of the wires will go into your keyboard encoder, and the other wire will go into the coin meter. On each of the wires you'll want to solder in a diode with the current directed towards the swith. (So your cathodes will be closest to the coinswitch once they're soldered on). Now put your QD's on the NO outputs of your coinswitches and connect one wire from each to the appropriate spot on your encoder. The other two wires coming off of the NO outputs need to be soldered together along with the negative wire from your coin meter. (PLEASE NOTE: This is all assuming that you are using a 4.5/6V coin meter and that it has a diode built into the meter. This is critical since if it doesn't have the diode in it or doesn't run at that voltage it might damage your setup. I am assuming that your meter is a standard Kessler-Ellis meter where the Wattage and Voltage should be printed on the casing).
So now your coinswitches will be tied into your encoder and the negative side of your meter with diodes on each of the wires. (Again, with the cathodes closes to your coinswitch). Now, take that USB cable and on one end of it cut the connector off. Strip down the wire and you'll see four wires in there; White, Black, Green and Red. The red is the one you want. Strip it down and solder it to the positive wire from your meter. Now, just connect the grounds on your coinswitches to your encoder's ground, and the USB cable to your computer. You will now have the two separate coinswitches working in full, but they'll both count up on your meter. The diodes are in there to prevent any current from flowing in the wrong direction and shorting out the signal, and the USB cable will provide the 5V needed for the counter and only 500mA of current which the encoder (if it is hooked up by either PS/2 or USB) will be able to handle the 500mA of current.