With that in mind, it's my understanding that an arcade monitor is just a TV without a tuner (please correct me if I'm wrong) so that's why I'm considering this option if it yeilds better results.
Well, you're right in theory, but it turns out that only very high end equipment (TVs and projectors) actually implement the RGB inputs in the SCART connector. (Which I find rather weird, as it should just be a matter of bypassing the chroma/luma->RGB matrix... After all, the CRT takes RGB!) Most handle only chroma/luma/sync input, which, OTOH, is a lot better than composite. Technically, it should be equivalent to S-video, but AFAIK, the SCART standard doesn't say anything about higher resolutions than PAL or NTSC, that most S-video devices can handle...
(To avoid confusion: Note that having either chroma or luma carrying sync doesn't really affect the image quality, so two wires + shield/GND is sufficient. That is, SCART without RGB should have no advantage over S-video.)