I am running a JVC 27" TV with component inputs and a Radeon 9550 card.  I am very happy with the results.  
I tried S-Video before, but the component inputs made all the difference.  I am quite satisfied with the results.  Especially with the old-school games that you said you wanted to play.
Check out my threads:
http://forum.arcadecontrols.com/index.php?topic=55015.msg539585#msg539585http://forum.arcadecontrols.com/index.php?topic=52105.msg510720#msg510720I have other posts about it, just go through my post history and you will find more.  
I have since gotten an NEC 29" Multi-Sync monitor that can display PC resolutions as well as the lower arcade resolutions.  I could put it in my cab and go for the low resolutions, but honestly, I am extremely satisfied with the TV in my cab.  Plus, me and a buddy have tested the lower resolutions on the NEC 29" monitor, and we felt that the monitor was just too big.  Really  
 
 
 .  He has a 19" arcade monitor at home and the low resolutions look really good on that.  
I do have plans for the NEC 29" to put it in a future project cab.  If I do, I would probably just run it at normal PC resolutions, I would not really mess with the lower resolutions because you have to install Powerstrip and a few other apps, then tweak the settings a good bit to run the lower resolutions (at least in my experience).  
As with most everything in this hobby, the choices you make are a matter of personal taste... and budget   

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