I have a Commodore 1084s monitor which is the same size as yours and also sports the Luma and Chroma inputs - maybe it is the same tube? It was a very easy hack to make a cable that splits the s-video cable into two RCA connectors - I searched for the s-video pinouts on Google. Interestingly mine also has an RGB input, but I decided not to go round hacking into that for fear of blowing it up - I love that monitor so much for video work I don't want to kill it!
Mine worked very well attached to a Radeon8500, and yes the picture quality is somewhere between TV and VGA monitor. The only pain was from the interlace flicker using the windows menu, although the Radeon's anti-flicker technology made a big difference. If you're using a DOS-based front-end it probably won't be so bad.
Definitely worth the effort of making a cable and trying it I reckon.