Neo Geo ports.
Kabuki Itouryoden
Super Dariuses
Tatsujin
Areoblasters
Forgotten Worlds
Screen clearing games (Don Doko Don, Pop'n Magic, Circus Lido, Zipang, Buster Bros, Be Ball, etc)
Sapphire, Lords, Gate of Thunder (OBVIOUSLY)
Kaze Kiri
China Warrior
JJ & Jeff, New Adventure Island, Bikkuriman world, Monster Lair
Altered Beast, Shinobi
Pyramid Plunder, Lucretia, Revival Chase, Meteor Blaster
I look forward to trying these out. Although I don't have a spinner for Forgotten Worlds.
You might as well go with the Mame version of Kabuki Itouryoden, Darius, Tatsujin, etc. Remember for the mame version of Forgotten worlds, not only do you need a spinner, but a push/pull spinner since it doubled as a button. If you do get one then you can also play Discs of Tron.
I think if you are entertaining people, go with the big guns and original games your friends and guests may have never played. I second Gate of Thunder and Lords of Thunder, as well as Spriggan as they aren't available on any other console or arcade. Oh, Air Zonk and Magical Chase too. Shooters are perfect for arcade games.
New Adventure Island and Parasol Stars are great exclusives too (Well, I know there's a Parasol Stars port on GB but this is the original)
You might wanna include Bomberman 93' or 94', and if you are looking for a similar experience in MAME try out Exvania, depending on how many players you have on your control panel. Battle Lode Runner, too, if you're a fan.
I also recommend using the Japanese arcade version of Splatterhouse, to have the most unfiltered experience.
PCE Batman is pretty arcadey as is Gomola Speed.
Finally, I know you were asking for TG-16 suggestions, but I just wanted to throw in one my favorite titles on MAME: Nitroball. Give it a shot! It's not a sports game technically but it's a homage to American Gladiators/The Running Man/Smash TV in a way. It's really a run and gun shooter that mashes up all kinds of weird stuff including the fact that your character turns into a pinball.