A passive adapter will not work.
I'd try a different active adapter. There were reviews on Amazon which indicated compatibility and performance problems with the one you linked to. I'm using a cheap <$4 unit on my PS/2 keyboard, which doesn't exhibit the issues mentioned in those reviews. It may be difficult to find decent one, as many like to release keys after a certain amount of time.
Keep in mind, however, that these adapters suffer from another limitation, even when working properly. They use the USB "boot" keyboard reports, which limit to 6 simultaneous keypresses (or about 9 if using the modifier keys included in the default MAME / KeyWiz config). Not a big deal for single player, or two player games with a couple of buttons, but multi-player fighters probably won't work well. Also, as the software can no longer communicate directly with the hardware, the Uploader software won't function. Again, not a big problem if you are using the defaults.