Mame generally gets slower with each and every release. Some games get speed increases from one version to the next but the trend is always towards slower. An update would likely make Tekken and Blitz even less playable and would likely take out a lot of games that were previously running full speed.
I can't fully comment on anything you would gain from updating the other emulators, but console emulation is so mature that the changes would probably be ones that you would never notice.
You could probably run Dreamcast and Gamecube emulators however both have controllers that translate horribly to arcade controls, so a lot of your favorites would be unplayable.
I have built a lot of cabinets and my general rule of thumb is not to update any of the software ever.