I sporadically work with a mold remediation business. The smell may come from mold. If so, here are some mold tips for your cabs. The most important thing In my opinion is to never use bleach. Bleach will kill mold. however, bleach is a corrosive agent. It can and will eat through wood especially wood that is glued or compressed depending on how much bleach you use. Add the fact that most arcade cabs are 20+ years old, made of particle board, plywood and contain paint work and/or vinyl overlays. Why would you want to risk your new project or even a precious gem to bleach.
Not doubting your mold expertise, but people have been doing the bleach thing for years. You get it damp, wipe it, let it dry, then primer to seal. Cabs aren't falling apart from it.