I looked at the J-Pac, and I really don't like it. (Not that it is a bad product.) Plus, it doesn't totall suit my needs.
I plan on using a TV set. (According to a friend that runs and arcade, there is very little diferance between a TV and an arcade monitor, other than the input. Also, Like I said, it will be a JAMMA+ (as in 4 player) also, so I would need another encoder, anyway. (J-PAC, from what I can tell, will allow the exstra buttons for P1 and P2, not does not support P3 and P4
What I plan, like you said, is to get a full JAMMA harness and wire that up. I also plan on getting the appropriate connectors used for various JAMMA+ incarnations.
Everything will be contained within a handy Radio Shack proect box. That way, all I have to do is plug the appropriate cables into that. Still don't have ALL of the details worked out, or all the parts purchased, but making my way along.