For 1UP: I've been working on the T2 style guns again recently and I came across a problem with using them in Terminator. At first I was having a calibration problem. I couldn't get the gun to point at the far left side of the screen. I figured out that if I removed the "rack" gear from the bottom of the gun and then rotated the "pinion" gear about 1 tooth I could get there. Crossbow works very good, however when I play Terminator the gun works fine on the left side of the screen but it moves too fast (horizontally) on the right side of the screen. I tried calibrating the gun in the T2 calibration and I tried using the Dual Strike software as well. No luck. I replaced the pot on the bottom (they're so cheap) but that didn't help either. Tried doing your trick with calculating the numbers during gun calibration in T2 also. Do you have this type of problem with your positional guns/T2?
T2 has a unique problem which I don't fully understand. The software seems to only see the 1/2 of the x and y positional data that the pots put out. This seems to be independent of what controller you use. For example, If I use my Hammerhead gamepad's analog stick to do the aiming, the crosshairs only move when I move the stick in the upper-left quadrant: 0,0 is the top left corner, and 255,255 is the center. The workaround is to tweak the rack postioning like you said (you need to do this anyway even on the original machines) and then calibrate the guns numerically in T2's setup screen.
It sounds like your center calibration might be off. I think I decribed this before, but this is what you do: In the calibration menu, when it shows the top-left crosshair, move your gun toward the top-left, until it reads 0,0. The pots have an error near the ends of their ranges, so you need to make sure you get clean numbers. Slowly move the gun down and to the right until the numbers don't jump too much (the numbers should change about 1-2 units at a time). Don't pull the trigger yet, just write down the numbers.
Now aim the gun toward the bottom-right, until it reads 255,255. Now do the same as before, moving the gun slowly up and left until the numbers change more uniformly (1-2 units again) and write down that number.
Now take your top-left X number, and subtract it from your bottom-right X number. Divide the result by 2, and you've got your center X coordinate. Write this down. Now do the same thing for your top-left and bottom-right Y numbers, and you have the correct numeric coordinates for the calibration screen.
If you haven't pulled the trigger, you should still be looking at the top-left crosshairs. Just move your gun back to the top-left coordinates you wrote down, and pull the trigger. Repeat using your center coordinates, and bottom-right coordinates, and you should be good to go.
You'll need to do the whole process over again for your second gun, since it will give different values. Once you have calibrated correctly, the same numbers should always work as long as you don't change your gun hardware again. You should keep the numbers written down somewhere in case you need to re-calibrate after upgrading Mame in the future.