You can BUT!
You will need the MKII sound board, ribbon cable and the interconnect cable. Otherwise no sound.
When you swap over you need to swap not only the JAMMA harness but the JAMMA+ Harness (more often referred to as the Kick Harness).
It is a fairly simple process, just make sure you get the pinouts right when swapping otherwise your LK, LP, RUN buttons will be off.