The RGB output of the genisis/2 will be at 15.7khz...a VGA monitor will not accept this (unless you have something like an old amiga monitor). VGA starts at 31.5khz to display a 640x480 signal. So what you would need is an upscanner inbetween those two connections that take the RGB signal and upscans it to 31.5khz. The XRGB-2 upscanner is a good example (but not cheap at around $250).
I don't believe you need to hookup the 5vdc (in fact I'd think the 5vdc output on the genisis connector is to power external devices). So if you were hooking straight up to an arcade monitor (which will accept a 15.7khz signla), then all you need is the R/G/B Gnd and Composite Sync lines (you may also need to put some caps in-line with the r/g/b inputs to brighten it up a bit...see the Game Consoles faq for more info on that.