I designed my pedestal to look similar to the Funglo cabinets used on Silver Strike Bowling games. I just like the look of them, and they work well. I am much happier without the actual cabinet, but it didn't actually save me a lot of space. My cab is 30" deep, and 40" wide, so still pretty large. I think you could go quite a bit smaller, but I wanted to make sure it was stable on thick carpet, so I went pretty deep.
My only real suggestion would be to get a bigger TV. I started with a 32 inch, and replaced it with a 46". The extra size will allow you to use the bezel artwork around the game screen, and I that looks really nice with the high resolution screen. With this size, it is pretty easy to get the actual game to be the same size as the original game. Bigger is rarely better with these old games, so you will probably want to try to get them close to the right size. It also gives you a nice size TV if you want to multi purpose the set up. I have my TV on a swivel mount so I can angle it where I need it when I am not using the cabinet.