Maybe something you are already considering, but make sure to use a stereo to mono converter (3 dollar radioshack phono device). That way, both stereo channels are combined so both left and right speakers get the same sound. Unless the game really showcases stereo (think many SNES games) the sound is fine in mono as long as you combine the two channels to get all the sound. (If you use only one speaker, but have a stereo game, you want the sound of both channels to be for both speakers, so the one speaker you are using has all of the sounds)
My basic observation boils down to: Mono is fine as long as you make sure to mix the channels (either in MAME with the games that support a mono option, or with the hardware option). I would recommend a hardware option because it is cleaner and simpler (also I have a nagging suspicion that only using one channel off of the AC's preamp can harm the DAC over time due to heat...(Just ask the technical guy with the avatar of him holding up his degree if this is accurate or not).
Regardless, stereo is better if you can fit it.