I do not have my pedals hooked up right now.. but when I did, I used it to play spyhunter, and it was flawless : )
Remember that some games, like Pole Position, allow you to go faster than the other cars.
Some games like spy hunter will allow you to go too fast in the actual arcade cabinet , if the pots are not adjusted well.
Use mames analog settings to adjust the sensativity and ranges. And also, some games have pot calibration routines that must be ran for best results. Some of them are in service modes (hit f2 i think).
You should be able to set up a PP1 and or PPII, and have it work identical (in theory) to a mame PP cab. Some precise calibration with a real machine or better yet, capture a video of one playing, may help to fine tune mames analog settings.
Even if it was a 'little off' .. it will probably not be enough to make any noticable playability difference.