I'd say go for the blue design. 
Actually these designs are for two scratch built cabinets. The blue artwork is for my Horizontal Joust style and the yellow is for my vertical Pac style cabinet.
I'd spend a little more time working on some of the special effects
Well I am trying to stay simple and somewhat period. For example, just like defender and joust, I want to paint the design on the blue cabinet. I will do a full color digital print one the Pac cabinet but am considering adding half tone effects to make it look screen printed.
I design logos & signs for a living and I know I could go crazy with bevel, glow, and other photoshop glitz but I want to try and keep the feeling of those early games.
I welcome any suggestions that are old school or as I said in keeping with the period.