I’ve been watching the Craig’s List electronics classifieds for a broken arcade or an empty arcade cabinet. I set aside ~$100-$150 for a 4 player or convertable-to-4-player cabinet. I was able to find an empty Teenage Mutant Ninja Turtles (4 player) cabinet in Troutdale (about 35 minutes away) for $75. It’s absolutely perfect for what I want. I spent about 2 hours travelling to and fro, and loading/unloading.

I still need to buy joysticks, buttons and a keyboard encoder. Also, a 25″ television.

I took some pictures.
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It currently has two joysticks, but it should be relatively straightforward to drill holes for new joysticks.

Total resources invested so far: $75, 3 hours.