Build an actual jamma cab with the parts and you will be ready for any real jamma boards that turn up.
This would be hard to do on-the-cheap, if he's looking to get MvC2 running...
He'd have to get a full Naomi set-up + the cart...which in total would probably run him over $300 at today's prices.
Honestly, getting a DC connected to a cabinet is easier than an XBOX.
For one, a VGA box can be had fairly cheap -- I paid $35 a little while back. The 15khz mod is really easy to pull off, it's just a matter of cutting a wire (or attaching a switch to it - in case you wanna still use it for 31khz monitors).
Also, DC controllers are much easier to hack, they have common-grounds and the solder points are more accessible than the XBOX.
I've got both with the ability to connect it to any Jamma wired cabinet. I went the Jpac route with my XBOX, which required me to buy a Jpac from Ultimarc, the controller interface, and the xbox A/V interface.
Luckily I have a dual-sync monitor in both my Jamma cabinets, so I'm able to run my XBOX without having to force a 15khz enabled firmware through it. But this setup still cost me over $150 to get going.
For my DC, I first started off with a VGA box and 2 hacked controllers (courtesy of Haruman's lovely hacking handy-work) wired to a Jamma edge connector. But I've scrapped that now that the PS360+'s support DC controls. I modded my DC to output VGA using
shadow's VGA board, and now I run it directly into my
Jamma box interface that has 2x PS360+'s and a UVC (<--- VGA input, converts a highres signal to work with 15khz / 24khz monitors).
In fact, I now use my Jamma Box with my XBOX (via Neoya X2VGA+) as well as XBOX360/PS3 and DC. Not the cheapest option for a console interface, but its a really robust one.