Is there a useful distinction between MAME cabinet with a lean towards fighting games and a MUGEN cabinet?
To that end assuming it holds (including cooling) the machine and the machine has sufficient grunt you deal with the two things that really matter -- the things you touch/control it with and the thing you are looking at
The screen usually amounts to reasonable colours, latency, viewing angle, nice if it is native res/aspect ratio (though you can box a widescreen if you really want)...... Your choice on CRT and LCD, I have not played KoF in an arcade so I am not sure what goes here.
The controls. You can replicate, you can improve, you can copy another or you can go straight custom. MAME cabinets are a popular enough hobby that you can readily obtain arcade grade buttons and sticks. Depending upon how you feel, and your ability to weather comments of "that ain't cricket", you can instead opt for a USB fightstick (I am guessing at least part of this is for stretching your legs in electronics so maybe not).