Adding emulation of any arcade-networking raises a lot of issues.
The first was demonstrated in this thread: confusion between netplay (any game, bad to mamedev) and net emulation (emulate connections original game had). When mame gets net emulation (and the news gets out), people with think that mame has netplay, and get mad when they find out it doesn't. Imagine something like this thread, except not so nice, with 1000 mad newbies complaining over at mame.net. This is enough for most of mameDev to want to stay away.

Next is lag, or "ping time". Most systems that connected directly to each other had very short lag times, even if the speed (bandwidth) wasn't anything near gigabit. The games were written so that they need that short lag to stay synced, etc. There are extra steps due to emulation (emulation of arcade "netcard" & protocol (x2, one per computer), PC OS & driver limitations (x2), PC card limitations (x2), and the network limitations, each adding to the lag time. The only saving grace on this is the original speeds were mostly around the 1 to 10 megabit level. This makes it possible that the faster 100 Mb & 1 Gb networks
may catch up for added lag time. Even so, I doubt any internet connections will have low enough lag times to work in most cases.
The exception to the lag time problem are the internet or modem connected games. However, this often was just to trade scores or profiles, which needed a central location to connect to, and didn't show in the play.
Next is the emulation (of course). And, no, the PC network card can't be used to do the emulating just like video cards can't. The hardware token rings and other non-ethernet networks as well as the now stardard tcp/ip ethernet were used, and each will need to be emulated.