You could also do it with powered PC speakers. You wouldn't have to remove the existing speakers. If you'd like I could take pics and show you how. I like those so called fugly cabs, lotsa of room for subwoofers etc. :smt020
While there are 100 ways to wire an amp and speakers, the answer to your question is that it would work fine. In fact, I wish I knew about this particular product a year ago when I was doing a similar setup in my cab. I ended up using a 4-channel car audio amp from ebay because I needed to bridge 2 of the channels for a sub-woofer.
I just use the original Sega Amp that the cabinet has as standard, use a cable from PC into the Amp and thats it, I run mine in a dual setup, so all I have to do is switch the plugs on the AMP from Naomi to PC.