I actually hit this problem with a driving cab...Top Speed.
I needed to have the original game playable, or, with the swap of a few things be able to play more games via MAME.
Glad to say it isn't too hard at all and doesn't use any fancy gadgetry like *PAC interfaces.
The set up now has the lot swappable in about a minute and it's a 3 stage process.
1. Unplug PCB power supply and plug in PC one (will fit a switch in the near future).
2. Connect Ground wires from the original wiring together using a molex (this caused headaches at first, as I didn't want to mess with the original wiring).
3. Plug Jamma header on to Top Speed PCB (it would cause a few glitches if left on the PCB).
The monitor input is split, as Top Speed has a seperate video header and both methods are therefore always connected. No output from the PC gives no feedback signal, nor the other way round with the Top Speed PCB.
For steering I used a mouse hack, the +5V and Ground for the original steering stuff being derived from the PC power supply.
The gearshift has the extra and usually unused 'NC' switch connected for gear shifts in MAME. This works great for loads of games, except Pole Position, which still requires like a double clutching to get it to change gear. The former mouse buttons are used for switching gears, left for Low, right for High.
Another method for running the PC is to directly JAMMA it, something i'm working on and have everything except what you'd think would be a simple 5V to 3.3V conversion circuit. So I still have to use a power supply on the motherboard

Video out, sound and controls are all easy enough with a PS/2 keyboard hack and, if run from Compact Flash or USB stick instead of hard drive, you can have a none whining solution about the same size as a regular JAMMA PCB
