OK... This was a pretty easy and low budget restoration compared to the ones I am used to doing. I wanted to go low budget on this one because I have other more intense projects lined up. But this came out great anyway.
Here is a slide show of the restoration:
http://s177.photobucket.com/albums/w210/ArtMAME/Track%20and%20Field%20Multi%20Game/?action=view¤t=1181368698.pbwHere are some details if anybody is interested:
First I stripped the cabinet of parts. I repainted the CP hinge and metal brackets for the marquee and bezel. I stripped the black paint on the inner sides using generous amounts of Goof Off, revealing the original blue and catching a wicked contact buzz

in the process. I also removed the carriage bolts and polished the heads by chucking them onto an electric drill and spinning the heads against wet/dry type sandpaper (220 or 320 grit)
Had to make a new lower front panel since the old one was in bad shape. Painted the new lower front part, and the inner sides with blue spray paint (Rustoleum #7724 Sail Blue). It was not really a perfect match compared to the original paint that I could still see on the cabinet, but it still came out looking very nice.
I left the wood grained formica on the sides and just painted over them with Rustoleum Painter's Touch Semi-gloss white latex (#1993). From experiments that I had done, I discovered it was better to skip the primer and just paint the bare formica with the latex paint. Using several very light coats and long drying time after each one, I found that the paint stays on there quite well as long as I don't scratch the sides too hard.
I stripped the old CP overlay and wire brushed the panel clean. It was pretty much swiss cheese, so I epoxied a piece of plywood where the buttons would sit, then bondoed the extra holes and sanded the surface flush. I re-drilled the holes for the run and jump buttons.
I used leaf buttons for the runs and jumps, and microswitch buttons for the player 1 to 4 buttons. I knew I needed leaf switches on the Run and Jump buttons at least. I had a bunch of them already from a bulk purchase I made on Ebay a while ago. Wired up the buttons and coin mechs to a Keywiz Economy model.
I got the marquee from Ebay for under $20 shipped. It was in good shape but it must have been hacked. I had to make a couple of thin plywood brackets for the sides of the marquee since it was not really the full width of the cabinet.
That's pretty much it, other than securing the PC and cables inside, securing the power strip, installing the ESC and PC ON/Off buttons.
Came out really nice, and not too expensive either.