No, you can't wire both your PC power pins and your IPAC pins to a single microswitch. It would burn something out. Besides, even if it did work, every time you hit that button something bad would happen - if you're in Dos, the computer would shut down. If you're in windows, it would kick you out of Mame and pop up the "Shut Down Computer" dialog box, or put the computer into sleep mode, or do something else, depending on how windows is set up.
You can have a pushbutton dedicated to the power-on pins on the motherboard though. (just can't put it in parallel with the ipac.)
Have you looked in your Bios, to see if there is a power-management feature for turning the computer on when a keyboard key is pressed? It might be something as simple as that setting not being set right, or it might need the Ipac to be plugged to the PS2 port instead of USB.