This is something I've considered doing a number of times in the past... IMHO, I wouldn't use a PC... Get an old Xbox and softmod it. The emulators for whatever reason always seemed to work better on there...
Also, I don't understand why anyone would just do a MAME only cabinet... I have a modded Xbox with everything from MAME to Atari to N64 and literally tens of thousands of games on it... 300GB HD - easy peasy... Oh, and there's like 50 Xbox games and a good bit of music on it as well.
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