Short Answer: Yes
I have a video review/evaluation of the Arcade VGA and this same monitor in the Review section that deals with what you need to do. Essentially you need the following for maximum functionality:
-AVRES from Ultimarc link
-Trisynch utility so that the 640x480/800x600 modes are non-interlaced and flicker free (For Maximus running in front end mode and other pc games or higher resolution Mame games)
But have a look at the video it describes each one, am at work now so likely missing something.
http://forum.arcadecontrols.com/index.php?topic=94757.0Also make sure you have the settings in MAME set correctly. Here are the settings for MAMEUI32:
Display Tab:
VideoMode: DirectDraw
Stretch Using Hardware = OFF (if this is greyed out you have notswitched Windows to 16 or 32-bit colour mode)
Screen Tab:
Screennumber = 0
Screen = \\.\DISPLAY1
Resolution, Size = Auto (or select from drop-down list in game asrequired)
Switch Resolutions to fit = ON