I don't know if ArcadeVGA can, but if you have a capture device that can run at 640x480 or 720x480 interlaced, or 640x288 non-interlaced, I don't see why not.
Additionally, if you are in Europe, you can get a video switcher, and devices that output RGB SCART. With an Adapter, you can connect these to the arcade monitor, as RGB SCART is essentially Arcade Video Signals (15Khz RGB).