Electrocoin Mr. Do

The link to archive.org was dead on the forum, so I tracked down the 1989 article, and took a screengrab for easy access (attached).

My first instinct was maybe an enhanced home port, but the SNES version wouldn't be out until 1995, and looks identical to the original "Cherries" arcade version and only had 10 looping stages (despite adding a new two player mode).  Aside from which, the page also details the arcade version of Ghouls and Ghosts, so likely both are arcade releases.

Electrocoin apparently still releases new Mr. Do themed ticket redemption games
(Well at least that's the arcade's font/logo - the characters don't look like Mr. Do at all)
www.electrocoin.com/product/mr-do-air-balls-skill-prize-vend-ticket-redemption/

I'd love to have someone track down some video of the Electrocoin variant of game in action.