After a bit of planning, I came to the conclusion that building one from scratch would be impossible without the proper wood crafting tools. So I decided to look around what my options were.
Then I came across a very cheap, old but working, Jamma cabinet. The value of the PCB inside it easily made up for the cost, so I went and picked it up.
Sadly, the cabinet wasn't ideal. The monitor was at a shitty low angle, and the control panel was kinda crappy.

So, I decided to modify the cab to make it just the way I like it. I started with planning of course, buying the materials needed, and drawing the construction plan.
Once I had everything sorted, I started with changing the angle of the monitor. After that, I removed the old control panel, and started working on a new one. After a lot of work, I had finished my new Sanwa-parts control panel made from wood.
Here is the final result of a few months work:

The monitor sticks out at the back, so I'll have to come up with a solution for that sometime :p
Right now, I'm going to enjoy playing on my marvelous creation. Esp II will be here in a few days, so even greater fun will commence!
Here are some more pics for those who're interested:
Before:
http://www.wewerepirates.net/arc/oldcab1.jpg
http://www.wewerepirates.net/arc/oldcab3.jpg
After:
http://www.wewerepirates.net/arc/newcab1.jpg
http://www.wewerepirates.net/arc/newcab3.jpg