Although the frame_delay feature is cross-platform, the whole input lag fix in GroovyMAME depends on the specific OS implementation, instead of hacking the emulation layer.
A low-latency implementation should start with using a native input API, such as RawInput of DirectInput in Windows, instead of relying on a wrapper library whenever possible.
Then, you need to target the frame queues at the driver level.
Finally, you need to make sure that the os is not adding latency by some sort of desktop compositing.
You need a decent understanding of the target system in order to achieve this, and I'm afraid it's not my case with OS X.