It depends on what you want to play on which emulators.
"Everything" is not an acceptable answer.
Not even the most powerful systems on the market can run "everything" at full speed.
There is some useful info in this thread:
http://forum.arcadecontrols.com/index.php/topic,137721.0.htmlOP ended up spending just over $400.
AMD vs Intel - the standard MAME build is optimized for Intel. (that said all my emulator machines are budget builds and use AMD, but they're outdated. My next one will use an Intel processor.)
Radeon vs Nvidia - For PC gaming Radeon probably provides better value for the money, but some of the Taito Type X games aren't playable with most Radeon cards. It's only a few games, but it's still enough to make me go with Nvidia every time. The Nvidia software just gives you more control. You can disable or enable settings per game. It's useful to turn off Antialiasing on those Taito Type X games and enable vsync on Makaron emulator to get rid of tearing.
You'll probably have to stick to last generation cards for the s-video output.
All my cabs are currently running 9800GTs. They can play modern steam games at 720p with the settings about halfway.
It would perform even better at the lower resolution of s-vid.
There are some great light gun threads here in the main forum that list all the emulators and games that are playable.
Search and ye shall find.