I would love love love this option, especially if the playfield and options were somewhat customizable.
I built a MAME machine: Cabinet from http://www.mameroom.com/Home.asp kit, PC and control panel from book reference. Disclaimer: I was already experienced in building PC's and sorta okay handy.
I really considered building a Cobra kit car from http://www.factoryfive.com/ using a 5.0 Mustang option and Severance money when laid off. Went so far as to start looking for wrecked Mustangs with good engines. Disclaimer, I know little about cars other than driving and got re-married instead.
If the Cabinet and backbox were stock items, and you could pick from a series or plan your own playfield and game options, that would be spectacular. I'm not talking about being able to recreate Metallica or WOZ, but if you could construct a "new" machine from the 80's or possibly 90's, using an original theme, for maybe half the cost of a NIB?
Sign me up.