I now have the major pieces of the puzzle that is my MAME project. Right now I have:

An Arcade Cabinet that is currently fully functional. It was fun turning it on and playing with it when Jason lived in the area. Now that he is gone and the Man Room has no carpet it sits collecting dust.
A spare PC. My old PIII 933 is sitting in the garage waiting to be moved downstairs. I plan on cutting an access hole behind the arcade cabinet to run the control wires from the PC to the CP (control panel) and monitor. I have an extra mouse and keyboard that I plan on tucking behind the cabinet for manipulating the operating system (I’m tempted to try a version of Linux and it’s associated version of MAME).
After that my plans get a little vague. There are two major points to be resolved:
Number 1 – How to connect the PC to the arcade monitor. I have a couple of options here. The easiest choice is to purchase two parts from Ultimarc. The first part I would purchase is a J-Pac.

My arcade cabinet is a JAMMA+ cabinet. What this means is that any PCB (printed circuit board) that is based around the JAMMA standard can be quickly connected to this cabinet via an easy to use harness. So if I wanted to, I could purchase some other games via their PCBs and just swap them to play them. The JAMMA standard was pretty standard fare in the 80′s so a lot of games use it.
You will notice that the J-Pac also has a video port. This is where part #2 comes in.

In the past it was a very complicated process to run MAME through an actual arcade monitor. Because arcade monitors run at different frequencies than standard computer monitors it was entirely possible to instantly fry an arcade monitor when attempting to configure MAME correctly.
The Arcade VGA card eliminates this danger. Best of all it is based upon the ATI Radeon 7000 chipset which is nothing to sneeze at.
With these two items I could have my MAME cabinet up and running in as little as a week. Together they would cost under $200.00.
However, there is issue number two, my control panel (CP). One of the advantages of MAME is the sheer number of games it emulates. In order to play all of my favorite old time games correctly I will need to do something with my CP. The CP is the original supplied with Mortal Kombat II. Great for fighting games but no trackball for games like Centipede, no twister for games like Tempest.
The solution? Like life, there is a hard way and an easy way to gain all of the controls I need. The hard way is to design my own CP, order the individual parts and wire it up to interface with my PC. Some people have made an art form of this:
This guy has even designed a rotating CP. This allows him to play virtually every game ever released in exactly the manner it was intended to be played. It is also a tremendous amount of work.
Some people either don’t have the time (that’s me) or the know how (not me) so they go the prefab route.

This is the panel I would most likely purchase. It would handle 99% of my needs. It of course is close to $600.00 and out of my price range at the moment.
The biggest issue with purchasing one is it feels like the easy way out. Ultimately I still need to get the basement re-carpeted before doing any of this work so I’m still 2-3 months away from really digging into this little project.