I'll chime in....
Basically everything NITZ said, but as a rule, if you want a 3d game to play well on an older pc you do NOT use mame. Almost all of the special "fast" editions of mame do next to nothing.
Increasing performance in MAME, however, comes down to the following:
Get a PCIE video card, or at the very least make sure you aren't using a crappy onboard video card. This isn't 1999, MAME now takes advantage of hardware acceleration to some degree.
Get a 64 bit processor along with a 64 bit os and run a 64 bit version of MAME. This will increase performance on cusp-level games.
Get a dual core, or better yet, quad core processor... it does what the last one did, only more-so.
Get an intel processor. Modern MAME hates amd, you'll always get worse performance out of it.
With that being said..... anything fancier than maybe Crusin' USA isn't going to run well in mame anyway, regardless of your pc specs. As a rule "modern" 3d arcade games don't run well in mame.
There are emulators like Demul, that are starting to emulate atmoswave and naomi titles, but that emulator craps all over itself if you don't have a fairly modern video card running, so you will be in the same boat.
For dreamcast ports, you are going to need a Dc emulator guess what? Demul is also your best DC emulator and all the others use the same plugins anyway, so you are still screwed on the system specs.
Most emulators that run newer consoles (ps2, gc, dc, ect) require high system specs as well so those aren't good alternatives either.
Pc ports are pretty much your only viable option unfortuantely.
