Poor Burgertime, love that game. I used to have one and plan on owning another. I bought the art repro pieces and they are amazing, just need a cab now and then stencils. I too have seen just about every cab made into an Arkanoid and it was wildly popular and like pookdolie said any one would play it.
Even though you say $400 is cheap by you unless BT is a grail for you are you ready to spend that much?
$400 cabinet
$400 all art and stencils, not counting paint and time, labor, etc.
$100 board
$100+? wiring, PS, buttons, maybe new CP?
With labor and misc. parts way over $1,000. Nice cab for somebody who has a damaged one and can transfer parts or has the parts already but very expensive to start from scratch at $400.