Wow thank you everyone for the responses!
I'm going to take everyone's advice and so some more reading/research before doing anything too hands on. Starting the wiki, then browsing the restoration forum.
A couple of questions based on the super helpful responses I've gotten so far:
1. ) I understand that if I want a PC to emulate some of the 3d type games (like Tekken), I'll need a powerful CPU i5 or older i7 and I noted from @ppv that I'll need a pretty decent GPU (any specific recommendations)? My question is, if I intend to try to use an Arcade VGA, coupled with the JPAC (so that I can reuse the existing CRT monitor) - how does the GPU and Arcade VGA play with one another? Do they just both co-exist in the PC?
2.) If I do go the connecting with a JPAC board from Ultramarc route - is there any existing tutorials I can reference on how to wire it step by step? Does it outline what can be removed from the cabinet totally vs. what needs to stay inside in order to be wired to the JPAC and then to PC?
3.) I'm a little confused on the recommendations for the screens. My goal is first to see if I can use the existing CRT. The original game/screen still works with this cab. However, for whatever reason that route doesn't work out, I'll go the LCD path. I understand from reading so far that it's not possible to find a larger 4:3 lcd monitor. So, I could either just use a widescreen 28"LCD such as what @Malenko suggests, or, it sounds like I could purchase a large LCD monitor (42"), mount it vertically and I can "kind of" recreate an almost 4:3, 25" screen as per @Yenome suggests. Pros and cons of each approach?
4.) Any existing tutorials on mounting LCDs if I have to go that route?
5.) I noted from @Malenko, I could potentially just have to redo the top part of the CP. Any suggestions on how you go about also getting a plexi glass cover? What works the best to protect your control panel from usage and age after you've done the work to build it (I assumed plexiglass would be a good solution, but do not know the cost/difficulty).
6.) Additional questions on the CP: I noted from @Yenome a 6 button layout for each player is a good bet. I also read somewhere that people like the "Neo geo layout", which is 7 buttons per player? Can I get a sense of what games I wouldn't be able to play if I only had the 6 buttons? I love the neo geo games and really hope I can play them eventually on this thing.
7.) Regarding @Malenkos questions on any wood working ability...I have none lol!. Here is what I believe I know so far:
a.) The cabinet is an original MK machine made out of particle board
b.) I can see the original MK graphics through some parts of the black paint
c.) There are some dings and scratches on the cab, so I'm not sure I'd be happy with just stripping the paint and using the original graphics, I'd like to address some of these dings/dents. Also the bottom corners show some damage and some areas where the t-molding goes are a cracked/splintered a little
Is it it even worth it to spend the time to strip the paint if I'm going to try to Bondo and sand over these dings and scratches? Assuming I use Bondo, is it ok to sand over the exiting paint/graphics? Any benefit of stripping the original paint first? Any thoughts on the type of sanding tool I should use, along with sand paper grade? Once I'm able to address all dents/dings/splinters - what is the best way to try to get the sides looking nicely done - would it be just priming, sanding, priming, sanding, paint? Or would it just look better to order and put new graphics on the sides?
Btw @Malenko, I'm from North Carolina here...
Whew, that turned out to be a lot of questions, understand if too much to answer here. I'm off to the wiki to build up a better base knowledge. My final next question would be, does this attached image suffice as a safe enough "discharge tool"? Understood that I would clamp the free end to the monitor base, take my other hand and put it behind my back and then use the screw driver to touch the anode. Once I'm confident I've done that, I'm free to touch/tinker all stuff inside the cab?
Thanks guys for all of the really great, insightful replies!!!