I've got a K7200 with a Trident T64 running AdvanceMAME. I'm still tweaking it, but I used the DOS versions of ADVMame, Game Launcher, etc.
I copied the advcab files as well. If you are going the DOS route, get the DOSBLADE tsr and load that in your autoexec.bat. One that loads, text mode looks beautiful on this screen. The next step for me was to run ADVCFG and select the Wells Gardner K7200 series monitor. Then tweak the video modes with ADVV.
For Game Launcher, you have to pick a resolution that is supported and change its .cfg file. I think it defaults to 640 x 480.