Yes, you can just wire both speaker channels together and it *will* work. It's not "correct", but will function.
Doing this, post amp, can cause odd amp loading, in addition, due to the cancellation effect of out of phase material, can yield some discrepencies in the output.
Doing this pre-amp can cause phase cancellation issues as well.
But honestly, most people wouldn't be able to tell.
The best solution is to fabricate a summing amplifier, some electronics background would be needed, but it's not a complicated circuit. Here's one example:
http://www.ecircuitcenter.com/Circuits/opsum/opsum.htm You could purchase one, pre-made, but this may concept may be overkill for a game cab. Here's an example:
http://www.extron.com/product/product.asp?id=asa101&subtype=127&view=descA summing amplifier would go between your sound card and whatever you were using for an amplifier. It mixes both channels together into one mono signal.
As an alternative, there may be a way to do it in software. Check your sound card documentation, there may be a mono setting you can apply.
Also, note that a large number of MAME games, most of the classics, were mono anyway, so if you only hooked up one speaker you would be fine.
D