Hi markc74,
It is strange that the speed is not constant and you get spikes, unless your using -frame_delay. If your monitor configuration doesn't allow you to get 100% speed for 256 lines games and above, the game will run slower due to vsync, but at a solid 97%, 98% or whatever. This may be "felt" as the controls being laggy, when it's simply the game running slower. Normal MAME has vsync off by default so you won't see this problem. If you enable -frame_delay in this situation it will make things even worse. I don't mean this is your case, just thinking aloud. If you're seeing genuine input lag, that's a different story. Running with -syncrefresh, -multithreading, -frame_delay, should perform the best on this regard, but this assumes you're achieving the -target refresh rate. Anyway, increasing the HfreqMax value in your particular case seems like the right approach to me.