After much faffing around with different options, I've gone with Dos 7, mame 0.60 and glaunch.
I've compiled my own mame without the OK warnings, found DOS drivers for the IBM PC's work was tossing out, and I'm good to go.
DOS appears to handle power on / off without a hiccup so far, so I'm happy.
I did try out win98, but DOS was just easier to do, plus the front end loads in around 15 seconds from boot, so no waiting.