If you plan on converting this thing, please don't do anything crazy that would damage the integrity of the cabinet. In other words, make it so that someone down the line could convert back to a centipede if they really wanted to in the future.
I say this because I converted a Space Invaders machine into a MAME machine by replacing the control panel with a new piece of wood. I now am trying to restore it back to an original Space Invaders. In hind sight I wish I would have kept the thing original to begin with.
You can always do what you want, I am just putting my two cents out there.
By the way, there are numerous project on this forum and other restorations that have filled in holes on metal control panels like yours using bondo, etc... Might want to take a look at some of that.
PS. You could always restore all the artwork back to centipede (marquee, sideart, bezel) and that way it would like great, and down the road a restoration would be a cinch.
Just think about it and good luck.