I'm just in the process of setting up my K6-2 500 box with 256mb RAM and a TNT2 M64 graphics card for my cocktail cabinet (perhaps a little overkill on some things, but it works and it's not worth much as anything else).
At the moment, it's running Fraggal's AdvanceMAME/ArcadeOS/DOS 7 installation CD, available from
here. It uses a fairly recent version of AdvanceMAME (not sure which one), and it can play Gauntlet at full speed on most levels using a 15" PC monitor.
I haven't configured it perfectly yet (far from it, to be honest), but with the ROMs that work (I have a real mish-mash collection built up over the last few years, so they aren't all compatible with the same MAME version), but it plays most mid- to late-1980s stuff fine: F1Dream and WEC Le Mans run at full speed, and older stuff is fine as well.
If you have a PIII 450, you'll be even better off than I am. From my tests to date, the choice of OS is important: Linux (Slackware 9) wasn't quick enough for Gauntlet (on a Celeron 433 with onboard graphics chip), but DOS 7 seems to be enough for what I what to run.
I'm going to try Vantage (I'm making a cocktail cabinet) and a couple of older AdvanceMAME versions, so I'll let you know how the machine copes. I've also got access to a 14" NEC3D monitor that does 15kHz modes, so I'm tempted to use that instead of the 15" one.
The biggest issue I'm having so far is configuring the monitor correctly for a few games, but that's more my inexperience than anything else
