There are boat loads of good threads on how to use MAME on the Pi. Most revolve around Debian and AdvMame.
Just a word of caution about the Pi and composite hookups, the resolution may be completely messed. I've now used three composite TV hookups and each is a nightmare to work with. From the resolution not fitting to the clarity being horrible, they are just UN-useable. I'm going to be moving to HDMI.