Noob MVS Rescue

Hello, I want to rescue this local 1-slot MVS cabinet but I essentially have no experience. I figure it could if anything be a great project to learn on but I'd like to get any gracious opinions on it before sinking any money into it. I've been doing a little research but it's hard to find good content around for these. I know I should practice solder work before bringing it to the boards here, but I wanted to know a general cost idea this might entail to repair to at least working order.

The guy said his in-laws purchased it from a family fun center 20 years ago and it's essentially been sitting since. He said it seemed to be working fine, but I wasn't able to check it out until after a massive rain that flooded our area. Now the screen went super blurry and I fear potential water damage. It did fire up and was running the game seemingly fine, with the action buttons seemingly working as they should. There was some arcing on a unit right behind the monitor(in the last picture), as I just barely nudged some cables trying to take pictures of the board it started the arcing which in turn affected the picture on the screen. Would the monitor need replaced or is it able to be saved in any capacity? I see there's some rust and a lot of dust going on as well but otherwise it seems to be in decent shape. Thank you!