The guys that use that config are probably the same that use SmoothMAME, which I have not yet had chance to try with my arcade monitor

I probably will use something similar to that tho:...
I personally prefer horizontal games, so I have set my monitor up to fill the screen at ~368x240. This means that if I play say PacMan at it's native res (288 lines vertical) then the top/bottom gets cut off. So I have decided to sacrifice said vertical games by playing them at 640x480 hwstretch. Indeed many (newer) vertical games (+ medium res games) have to be played with hwstretch anyway.
It looks as tho the config you posted would result in similar configs to that I would use.

I suppose if there is nothing wrong with using the standard ArcadeVGA.txt on your system, then don't change it
