The full romsets aren't updated that often, so you can't get 0.177, but you can get 0.161 (I think that's the latest) and apply the update packs all the way up to 0.177.
HyperSpin requires a decent computer, both CPU and GPU to run smooth. It is a front-end, meaning it has no emulators installed - it is designed to start emulators.
You download MAME 0.177 and tell HyperSpin where it is, and tell it where you have the ROMS.
(If you want to get rid of nag-screens at startup, you can compile your own MAME build, it isn't too hard!).
Configuration for MAME has to be inside the emulator, HyperSpin just launches it.
There are a lot of configuration tools available, but to get all video/art, you need to purchase a subscription at HyperSpin and Emumovies to be able to set it up easily. With the subscription at these services, you can use "HyperSync" to make it much easier to automate downloading the artwork and movies.
The ROM-sets for MAME has the correct naming for the XML at HyperSpin, so everything should show up. You can hide clones/duplicates etc (remember that Pac-Man is a clone of Puck-Man!)
For consoles, "No-Intro" naming convention is being used.
I hope this cleared up some of your questions
