You can hook it up without a jpac, but I don't know all of the steps involved since I never tried it. I am pretty sure you need a signal amplifier (there is one built into the jpac). Search in the monitor forum; there should be plenty of info there. You don't even really need an AVGA, but it is an easy solution. You can use Soft15KHz (there is a thread in the monitor section), but last I checked, it didn't work with Windows 7. I stopped using it when I upgraded Windows, so I haven't kept up with the development. You will want to use your monitor in 15KHz mode since most games used that. You can switch yours, but since it is a mechanical switch, it is probably not worth the effort for the few Med res games. They will look fine in standard res anyway. Most of them even have setup options to use standard since that is what is in most cabinets.
I ended up using other encoders with my cab over time, but I left the JPAC in there just to connect the monitor. Ultimarc sells a breakout cable, which should allow you to hook up the monitor (it probably wouldn't be hard to make your own out of a VGA cable), I think you would just need to add an amplifier. The JPAC also protects the monitor during boot before it can sync at 15KHz, so that is added value as well. For the price, I think the JPAC is worth it just to hook the monitor to the computer, and everything else is a bonus. You will have to decide what is best for your budget though. Spend money on controls and whatever makes your life easier. I tried to save money on controls and do things the hard way to save money. I will buy NOS or new controls every time now. It is just not worth the effort unless you really like spending a lot of time fixing up old parts.
I have seen complete setups for $50, and some that cost thousands to build. They are all discussed here, so read a lot. When it comes to controls, make up a quick mock up to test them out. test them well. If you don't like something, replace it. If you don't like the positioning, fix it before you make the final artwork covered version of the CP.
My current cab is a CP sitting on a table with an LCD TV on the wall. The CP was always the most important to me, so it is still fully functional as far as I am concerned. Figure out what you care about, and build to that. It may or may not be what is popular here, but if you like it, it is perfect.
Have fun with the project!