hi minwah,
iam currently using a guncon and arcadvga card on my cab, the set up is basically a vga to scart cable connected to a 21" tv,all i did was solder a phono lead to the scart connector to get the sync for the gun (after making a new cable).
the gun is connected to the pc's usb port and to a psx to usb adapter, it also required a power supply to be connected to the psx to usb adapter or windows would not see the gun.
so far results with accuracy have been very good and most games are very very playable, unfortunately it isnt 100% right as you do get the odd dead spot and strange quirk while playing, so far i would say its 85% to being perfect.
so yes it does work and no you dont need a circuit to make it work, i had to join h-sync and v-sync though in the cable to get the composite sync required to get a solid picture
As a side note while iam here, ive been playing hotd2 using the gun and it plays great, but for some reason if i launch hotd2 using mamewah, as soon as i press the trigger or any button hotd crashes .. but if i just play hotd without mamewah it works fine, any help is apreciated

Alc..