I just got done completing this part, and it looks 10 times better.

I headed out for Home Depot yet again and picked up 2 4x8 sheets of black Formica, 1 gallon of contract cement and a lot of cheap paint brushes.  The Formica is rather expensive running 40 dollars per sheet.  After getting it put, it was well worth the money to me.

The Formica was pretty easy to deal with.  I left about a 2 inch overlap on the arcade machine and applied the Formica.  See the Contact cement directions for application.  I then used a razor knife to trim the Formica to the edge of the machine.   Taking slow, even scores.  Then you eventually just snap it off.  Only use this method if you plan on putting some type of corner trimming on the cabinet.  If not, I would recommend using a router or dremel to trim the edges.

After that I got some plastic corner protectors from Home Depot, then come in 4ft and 8ft.  I cut them, and painted them black, then applied using the same contact cement.   

The last thing I did for the finishing was to get rid of the ugly black painted foam board that I had for a bezel and buy a real one.  I found one at Happ Controls that fit a 19" TV perfectly.  It is part #49-0105-00

That is all there was too it.  It took me a whole weekend, plus another week of the machine being in the shed so it could air out.  That contact cement is pretty strong.