As a replacement for the CP? No, the CP is just like other sega CPs in that the stick mounts to it.
As a covering for the entire upper CP surround like what arts hobbies/FH/FA does for arcade sticks? It might, but you would need to work past the carriage bolts in the CP itself…Maybe a custom CP with studs instead of bolt holes, then using Screw in buttons to keep the plexi in place, no bolts needed.
Here’s a decent looking CP with surround for reference.
looking at the pic again, it looks like the original panel is under the art, which could possibly just be a vinyl overlay:
red arrows are pointing to the CP screws. Could be hidden gold