I'm still new to the MAME game, but I'd say hell yeah.
Personally, this shape is my favorite, being an Asteroids fan and owning a Space Duel cab. Yeah, mine is less than 24" inside, but I have managed a comfortable control panel with 2 player controls. I should mention that I don't have a trackball or spinner. I'd have to expand the CP for the trackball, which would not be aesthetically pleasing to me, but I'll have no issues fitting a spinner in there. I just haven't yet as I'm still in MDF CP mode. 
Since my cab is Space Duel (like 2 player Asteroids) I've got 5 buttons per player. I'm also not a big fighter game guy, so don't think I'll need 6 buttons. I've attached a couple photos to give you an idea of size....that's all.
What I'm not a big fan of is the 'wood' cabinets. I wouldn't keep it like that. 
Hey Cheffo, can you attach a larger copy of those Atari Cabs, or point me to a website if that's the origin. That's some good stuff!
Hey HanoiBoi, I thought I was the only one crazy enough to try an asteroids button layout in a MAME cab! Mine is still just a pile of wood (although it is being glued together now) but you give me hope. Thanks for sharing.
Happy to be an inspiration of sorts, edge10. For me there's really no substitute for the 5 button setup for games like Asteroids, Space Duel, Asteroids Deluxe, Star Castle, Rip Off, Gravitar, etc. I know that with just 5 buttons, I'm kinda crippled for Defender/Stargate, but in all honesty I've never been that good at those games and can easily decide on a button to never use (Inviso, for example).
As far as your pile of wood....take your time and enjoy!. But, if you're anxious, it can be done relatively fast and mostly cheap. For the setup I have right now, I picked up the empty cab and stuck in an old PC and monitor. My new costs were for the marquee, an IPAC board, 2 Mag Stik Pluses and a buncha HAPP buttons. I have my system running for about $225. That's not counting the old PC and Monitor.
BTW, I'd love to play Armor Attack again, but for whatever reason, I don't have a good copy / overlay, etc. Any ideas?