Good idea!
If possible, please include multiplayer games. A game like Combat, but for 4 or 5 players, could be fantastic. Same think about a Pac-Man remake in which there is the opportunity to move two Pac-Man against 3 other players who are the ghosts!
Elevator Action, but for two players, can be addictive.
Too, I vote for Tempest in a version inspired by the 2000 on Jaguar if possible.
I think a sequel to the fantastic Shark! shark! on Intellivision could be marvellous! Perhaps by including more different game modes, multiplayer games, etc.
I love Robotron too. With two joysticks (PCE has joysticks like XE-1 pro) it could be fantastic. And a two player game could be excellent!
Centipede is a great game for the PCE if you can realize a two player game like in the 7800 version (the best!) with competition and cooperation modes: the same number of lives, a cumulated score and the fact the player who dies can play again if the other player reach a sufficient score to have an extra-life! A great idea but never see on any game...
A game like Breakout but for 4 players (in each side of the screen) like Multibriques on Atari Falcon 030 if you see what I mean.
Too, please consider saving option. I think "old" arcade games are fantastic but if there is no savings, not sure they have good replay-value. Or, at least, some codes to choose the level, the difficulty, etc.
I think it is necessary to surpass the original versions. If not, why not play the original ones on Mame or play the equivalent on Atari 2600? (a recent version of Lady Bug is fantastic on this sytem!)
To summarize, your idea of a compilation with arcade games is excellent
