I was able to find an LED driver for $3.30Link Here
, the only bad thing is that it is coming from china so 2-3 weeks air post. Oh well, I can wire everything up and use my bench supply for the time being to get everything dialed in. I'll use a relay from the +5V rail on the xbox to power on and off the LED driver when the xbox is running.
Here's a whole bunch more pictures. It won't have a spinner or trackball, just joystick and push buttons. It is running coinops 2. The joysticks are wired to hacked xbox controllers, 1 per setup which simply plug into the xbox.