I'm pretty sure a per-machine config option in Retroarch does not exist. If you're using a separate front end which supports this, you can do what I do, and create multiple copies of retroarch.cfg, each one configured for the individual machines or games, and then have a command to copy the needed one to over-write the existing one right before the selected game runs.
As for which console games are suitable for a cab, that's a question better suited for one of the other sub-forums. A search will also bring up some opinions on the subject.