I looked awhile back and TBH the results were inconclusive I found you could do it, but it is an older version of MAME, 0.72 when I looked.
After the coinops situation, I don't know if I want to go through that again so I stopped. My 360 is still stock and I couldn't really find anything about the exploit to be able to get it to run.
I *think* if you get it to run XMBC you can use the plug in from there.