So I am in the process of doing something quite similar to what the OP is asking. While I suppose a powerful enough PC might be able to get the job done, I have the original hardware for the newer systems I wanted to incorporate, so I decided to go that route instead of emulation. So basically the PC runs the following systems (MAME, CPS 1 2, NEO GEO, Sega Model 2, Atari 2600, 7800, NES, GB, SNES, N64, Sega Master, Genesis/Megadrive, Sega CD, Turbo graphx16, Playstation 1, Mugen, Terrordrome, and a bunch of OpenBor games.) I run OG Xbox, Gamecube, 360 and Nintendo Switch off of the actual hardware. Yes you wont have the pretty frontend this way, but running off of actual hardware DOES have advantages (like custom soundtracks for OG Xbox games, and games ALWAYS performing like they should.) Yes I have to put the game/disks physically in the machines, but that doesnt bother me tbh.
Despite what people on here will tell you, I actually like and PREFER using arcade controls for newer games, it makes them feel like a total arcade games. It just gives them an authenticity that playing with a controller lacks imo. To put it bluntly, playing with controllers makes it feel like a toy, while arcade controls makes it feel more "adult" imo. Now YES games like Halo and other first person shooters are NOT ideal for arcade controls, but they can still be done (as long as you can go into dual joystick mode). But those games are more of the minority for me anyways, I was playing Gauntlet Dark Legacy (OG Xbox), Diablo 3 (Switch) and NBA 2k18 (Switch) and LOVING every minute of it. I cant wait to get the new Mortal Kombat game!!! I'm not going to blow smoke up your butt, some games like NBA 2K are HARDER with arcade controls (I mean actual game difficulty), but that doesnt bother me, I actually am enjoying the new challenge. Plus the controls make it feel like I'm playing a new NBA Jam.
So how am I doing all of this??? Xarcade adapters and a switch box (it's actually really easy.) Now you WILL have to buy quite a few of the xarcade adapters (and they are not cheap), but having EVERYTHING hooked up and ready to go is pretty awesome. As for now, I AM just using a tankstick (I replaced the joysticks with IL Eurostick and cherry microswitches), and am satisfied for now. However I plan on gutting the tankstick and buying 2 more wiring kits from Xarcade because I want to have 4 player options for ALL of these games. I also plan on building a cab to hold everything as well (right now I have a nice setup, dedicated gaming station in our living room), but I want it all in an actual cab. I also have a 360 racing wheel for arcade games and for the actual 360. I'm just waiting on the more money, lol, then I will start phase 2.
I am saying all of this because if you want to run newer systems, and if you HAVE the actual hardware, I feel this is a better route than emulation. I have EVERY game that I have EVER liked at my finger tips, old and NEW. All being played ARCADE style.