Nice one Gonzo, I will give it a shot and see if this works. I have borrowed from other people's .ini files so maybe I just completely missed this on this particular emu.
My spec isn't particularly low, but I use PC's just above baseline to ensure good gameplay even on 'advanced' 2d games like Metal Slug and Neo-Geo games.
Generally this is P3 700-900Mhz, 128mb RAM with 20Gb hard drives. Some people go way over what is actually required, but I've found this to be brilliant for my needs. Generally I use re-claimed office desktop PC's with decent on-board graphics and sound, which are perfect if you set up the software correctly.
If it helps, here is my Hu-go config file for you to borrow from....
### TG16.ini (mamewah v1.61) ###
emulator_title TG16
### List Generation Settings ###
rom_path C:\TG16\roms
rom_extension ZIP
dat_file
nms_file
catver_ini_file
list_generation_method rom_folder
### Execution Settings ###
emulator_executable C:\TG16\Hugo\hugo.exe
commandline_format "[rompath]\[name].[romext]"{nodosbox}{safelaunch}
alt_commandline_format_1 "[rompath]\[name].[romext]"{nodosbox}{safelaunch}
alt_commandline_format_2 "[rompath]\[name].[romext]"{nodosbox}{safelaunch}
game_specific_config_path
### Artwork Locations ###
artwork_1_image_path c:\TG16\snap
artwork_2_image_path
artwork_3_image_path
artwork_4_image_path
artwork_5_image_path
artwork_6_image_path
artwork_7_image_path
artwork_8_image_path
artwork_9_image_path
artwork_10_image_path
movie_preview_path
movie_artwork_no 1
### Screen-Saver Settings ###
enable_music_in_screensaver 0
saver_type slideshow
movie_path
movie_fullscreen 1
quit_delay 30
wrapper_executable
wrapper_commandline_format "[rompath]\[name].[romext]"{nodosbox}{safelaunch}
scr_file
### External Application Settings ###
ipc_file_or_path
app_1_executable
app_1_commandline_format
app_2_executable
app_2_commandline_format
app_3_executable
app_3_commandline_format
auto_launch_apps
### Additional Settings ###
music_path
lcd_display_file_path
lcd_fe_text
### Settings used by MAMEWAH ###
current_list 0
This is using the Windows version of Hugo and integrated gtk interface, which is essential. Google for it, as it is in several places bundled together as a complete installation package.