From Ultimarc you order:
1 x J-PAC
1 x Arcade VGA card
1 x I-Pac-2 or Mini-PAC (take your pick but if he wants to add a trackball or spinner later choose the Mini-PAC).
The J-PAC and Arcade VGA both have 15 pin VGA connections so there is no need to hack or buy a seperate cable unless you don't have a VGA cable spare but you still do not need to hack it up, it plugs straight in.
I have this same setup with a Mini-PAC and had my 4 player JAMMA cab running with player 1&2 in 15 minutes, including time to install the VGA card. It is that simple, although the PC had already been configured and tested with MAME and MAMEWAH so it was only the video setting that needed setting up.
Player 3&4 will take some extra time as regardless which option you choose you will have to program the encoder as both the I-PAC and Mini-PAC are preset in MAME mode for player 1&2. If you want to do no wiring at all go the Mini-PAC but for a 4 player cab you will need the extension kit which includes 10 longer wires and connectors. However as you need at least 7 wires for each player 10 is not enough for both player 3 and 4 so you will need to get 2 packs of extension wires as unless the CP is only narrow even with 1 side using extension wires the other side still won't reach all the way. An alternative (which I chose to do) was to leave the existing wiring for player 3 and 4 and make up a connector for each player at the other end of the cable to just swap over, much easier when wanting to go back to 4 player JAMMA PCB's. That way you don't need to touch any of the wiring in the CP.
PS2 will work just fine if you are only going to use the cab as it is but if looking at the possibility of adding a trackball or spinner ensure you get the USB cable as well, that way you have a choice.
One more thing, sound. Remember the J-PAC has no built in amp so you need some way of amplifying the audio from your PC. Either:
1. Just use PC speakers in the cab and leave the JAMMA connected speakers be.
2. Hack a set of speakers for the amp and run it between the PC soundcard and the speaker connectors on the J-PAC, this way it uses the cabinet speakers but only in mono.
3. Hack a set of speakers and connect the amp directly to the cabinet speakers. You can put a connector or switch in there to change between the PC sound for MAME and the JAMMA PCB sound.
I went option 3 and have a connector so I can swap arond. This way I'm using the cabinet speakers for both MAME and PCB's plus I'm getting stereo rather than mono. Option 2 is better if you want the simplest way of changing from MAME to PCB though and only want to use the existing speakers. If you are OK with 2 sets of speakers in your cab then go option 1, you're gonna need the amp anyway so throwing the speakers in as well doesn't hurt, it just takes up more space.
Also note that even when all connected and working for player 3 and 4 you will need to set up the games themselves as most do not have controls set for player 3 and/or 4. Doesn't take long though.
I think that's it.

Coincidentally I bought my 4 player cab witha wrestling game in it too, albeit a 2 player wrestling game though.