Many thanks for your replies so far, all.
Paigeoliver - it wasn't so much MAME itself I was worried about regarding the spec, as 3DArcade, which is very resource hungry as it does a lot of realtime 3D rendering, showing attract mode videos in virtual rotatable cabs etc.
Bloodyviking - many thanks for the heads up. I'll bear that in mind when I come across one; I thought the kit would be sufficient to run all MAME games (as in my reply to Paigeoliver above) so I'd be trying to fix games that didn't. I won't waste my time now .. nice one!
Pincky - excellent call regarding getting the screen overhauled. Unfortunately I'm based in London UK but I have mailed Chad for ideas and am currently looking for someone this side who could help.
Still interested in anyone else's opinions of course so keep 'em coming people!
Thanks again everyone
Jon