These aren't purely arcade games, but in no particular order I'd really love to see any of:
Metal Gear: Lots of cool weapons/gear and scenario potential. Could have various crazy "alarm" modes when you're discovered by the enemy and both jungle and compound settings.
Ninja Gaiden: Great music, story, and bosses. Lots of material from many different games to work with. Plus, who doesn't love ninjas?
Castlevania: Even better music, bosses and abundance of of material. I could see the playfield-as-a-castle potential being really awesome. Also, weapons and wall-meat.
Splatterhouse: Amusing story and the closest thing to a Friday the 13th machine I'll probably get until I build one myself.