If this is the monitor I'm thinking of, it'll display fine at basic resolutions, but it may have trouble with certain refresh rates. Typically, the lower the better. I think 60Hz will work just fine. Just be sure to manaully set and lock a known working refresh rate. Other than that, go for it.
Your refresh rate ought not to affect to playability of the game so one is just as good as the next. Also, don't let MAME choose your resolution for you. Manually specify a set resolution. If MAME picks its own resolution, it might find one out of range or changing the resolution might change the refresh along with it.
Keep in mind that these things are PC compatible, but they're not as full featured as a typical computer monitor. Just find something that works and stick with it.
You might need a dual video card setup to get it working in the beginning and then just pull the second card when you're done. Either that or preconfigure you Windows (assuming you're using Windows) to VGA resolution @ 60 Hz before you hook up the monitor. That way you know it'll work. Then you can play around from there.
... and if this isn't the monitor I'm thinking of then you can disregard alot of the stuff I just said.
