It'll work, but, it wont just bolt up into a Pac-Man, you'll either have to mount this monitor in the old frame, or modify the cabinet to mount this frame.
The latter option isn't very good, you should'nt be hacking up classic cabs, the former option is easy and doable (it was the only way I could fit my new Happ monitor in my Neo Geo gold cab), but voids your warranty. I didn't worry about that, I figure if it breaks I'll just ask Ken how to fix it..
Normal discharging/safety caveats apply to swapping the metal frames, though I managed to do it without disconnecting the tube from the chassis board.
Be aware that if you do swap frames, you might find, as I did, that the video and power inputs are in awkward spots. In my case the video input is now wayyy up near the 'front', partially under the neck. It's really awkward to get to when installed in the cab (also do to the cabs design). I basically have to reach my hand up and in and "feel around" for it. Don't do this with power on.
Another note I read on Happs is that mounting one of these monitors vertically may result in some color purity issues, which should be fixable by manually degaussing the thing. I don't think anyone specifically manufactures vertical monitors anymore.