Yep. You should have no trouble doing a nice conversion. A friend of mine has the Galaga version and already did the MAME conversion. (He bought a new panel cutout shortly before I got my Glowforge.) It didn’t take him long. The video adapter was about $30 - $40, which is sadly necessary because Arcade 1UP uses some non-standard interface. And of course you’ll need the Pi and an arcade controller kit.
You’ll spend most of the time and effort loading up ROMs.
It’s so nice to see the old classics coming back around.