Honestly, I would just play the bad retro ports on xbox live before going through the trouble of setting up something with arcade controls, if the final product is that distorted. Or even a jaks plug and play on an old 13" TV. There's lots of 19" TVs on craigslist for $10. VGA to RCA converters are also cheap at this point. Yotsuya's suggestion is a good one if you really are stuck with the 16:9 monitor. I'd even go with a posterboard cut to the right size, as a bezel, before ruining the game.