I'm not sure how to help you with your problem, but I can tell you that what you want to do will work.
I have a spy hunter setup on my machine. I can play the game almost as good as in the arcade (still tweaking it).
I have the steering and pedal hooked up to the game port. I started with the standard pots for steering and gears (100k). They weren't sensitive enough. I upped it to 150k... better, but not there yet. I have new pots to install and they've been sitting in my parts bin for weeks. I think they are 200k or 225k.
Sorry for rambling... but MAME can use analog inputs for both steering and the gas pedal in Spy Hunter. I wouldn't recommend a yoke. It isn't very playable that way.
It sounds like it may not be mapped or set up right. Try what u_rebel says, that should get you up and running.
BTW, I'm still using an older version of MAME, not sure it that matters. Version .71
Good luck,
Rocky