First, check to see if the monitor is easily rotatable (assuming that you want a horizontal orientation). I think it should be, but always best to be sure, particularly without seeing pics (I don't even know if Contra came in a dedicated cab).
If you do choose to MAME it, you are most likely looking at a 2-player cab and, since the cab is already wired JAMMA, I would choose a JPAC over an IPAC every time. It is easier and leaves you much more flexibility going forward (say, if you make another MAME cab and want to change this back or to something else). Using an IPAC means rewiring, which is unnecessary and destructive.
Only hitch is amplifying the audio from your PC. I use a little audio amplifier running from the PC to the JPAC, but you can use regular PC speakers instead of the cabinet speakers.
Since it seems you may be confused from your question -- you can't connect a prefab X-arcade to a JPAC.
Get your MAME box configured and running at 15Khz (using soft15 or ArcadeVGA), hookup some PC speakers and plug in your JPAC (disconnect the existing switching power supply first). Then you can play and get a feel for things without compromising the cabinet. Once you are more comfortable or motivated, you can work on changing the control panel.
It may sound complicated, but it isn't and there are lots of people who can step you through it.