I'm running a K7400, but the K7000 will work essentially the same way.
I have a much higher end machine (3.6Ghz Core2Duo), and use the front end Hyperspin. It requires a bit more horse power because of the way it scales graphics, and the like. Mala is a nice alternative for machines that are not as quick.
I would recommend installing something like TinyXP fresh on the machine. TinyXP is a 'stripped down' version of XP which disables a lot of legacy support and otherwise rarely-used services. It reduces the boot up memory footprint and reduces boot times. It can be found in all the 'usual places'.
At the moment I am using Soft15kHz and bitbytebit's build of MAME, which is built on enhancements made by SailorSat (who wrote Soft15kHz), designed for use in a cab environment.
http://mario.groovy.orgBear in mind that you are making a significant jump in versions of mame. Many of the ROMs have had alterations made to the names of the files within, some have been re-dumped, and many more added. It would be in your best interest to acquire a full set of roms designed for use with the build of mame you plan on using. (in this case, .141u1).