That price range is pretty much going to limit you to low end TN panels, even used/refurb. About the only thing good about these panels is that they usually don't have ghosting issues. However, they can have input lag (to figure out how to do overdrive on the panels to get good response, though not as bad as PVA/MVA), the color depth is limited since the panels are often only 6 bits/channel (they are usually then dithered to 8 bits via PWM, but the effect isn't the same as a real 8 bit/channel panel), and the viewing angles are often really terrible, which is bad for an arcade cabinet. Definitely forget mounting them vertically. I wouldn't recommend them for use on a 4 player cabinet, either, due to the somewhat extreme angle the left and right most players will have to view at, but YMMV depending on the specific panel.
You're also going to have a hell of a time finding something 4:3. Most of the cheap panels are 16:9 or sometimes 16:10. I don't think I've ever seen a 4:3 new for less than $200 with any panel type.