How to convert any arcade game to .pak?

I understand, that's why I'm here. But since most of the projects I've seen so far are based on games that already existed, I thought it was possible to start from an original arcade and modify it.
 
I see, most of the games have been built from the ground up, so all the sprite art you see (sprites available online or ripping from already existing games) has a bunch of programming behind it.

 
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