Yes, if you output an out-of-range signal to your arcade monitor, it could damage it.
Assuming your cabinet is wired to the JAMMA specification, a good hardware solution is the
Ultimarc J-PAC.
It's an interface board that allows you to easily connect a PC to a JAMMA wired arcade cabinet. It has a circuit that will protect your arcade monitor from out-of-range signals.
As you know, the ArcadeVGA has a custom BIOS that prevents out-of-range signals. There is a also a tool called
Atom-15 that can modify the BIOS on certain ATI/AMD cards to produce the same results.
I'm a big fan of the J-PAC hardware solution if you already have a JAMMA wired cabinet. It simplifies a lot of the process of hooking up your PC.
Once you have that problem solved, you'll still need a way to get your PC to output a 15KHz video signal. This can be accomplished several ways:
1) use an ArcadeVGA card (which comes with custom video drivers)
2) use Soft15KHz and a supported video card
3) use CRT_EmuDriver (modified ATI/AMD video drivers) and a supported ATI/AMD video card
In this forum, most of us favor option 3 since it's designed to work hand-in-hand with GroovyMAME.
The page you linked to was a guide for installing CRT_EmuDriver 2.0 with ATI/AMD Radeon HD 5xxx video cards...
http://geedorah.com/eiusdemmodi/forum/viewtopic.php?id=301