I would kill for Sega Touring, specifically the twin racer edition!
That thing has some serious potential to be turned into a really nice racer. It will take a lot of work to redo the whole thing including side art etc. (and that giant ass marquee!) but you can just go about it in baby steps.
It is going to be tough to come across the board it uses (MODEL 2C CRX) based on the fact that it was only used in these sorts of games for the most part (house of the dead, top skater etc.) between like '96 and '98-ish but that would be you quick fix if you can find a replacement.
If you want to convert it you should do a little reading first off to see what is required to set it up using emulation such as mame. To start you'd really just need a half decent PC and a few parts from ultimarc to start the conversion.
I gotta ask though, did you pay for this unit or did it just fall in your lap? I have been trying to track down a racer for cheap in decent shape (those things never go hand and hand

) for months now with absolutely no luck!
Anyway, I would strongly suggest trying to find other people who have done a similar conversion to compare theirs to what you are trying to achieve. A solid read through of the wiki would help also.
Good luck!