I have actually tried using a TV monitor with a JAMMA board, and it is possible, although achieving good results is VERY difficult. I got the original idea from this guy:
http://www.porkrind.org/arcade/tv-hack.htmlWhat I did, which is a little different from him, is make an RCA connector from the JAMMA board that had only the sync and ground wire attached. I then plugged this into the composite jack on the back of my TV (thus providing the tv a composite sync signal). I then opened up the TV and soldered the R,G,B wires from the JAMMA board onto the R,G,B connections of the neckboard of th TV. Then, I turned on the TV, set it to composite in (so that it would get the sync information) and turned on the Arcade board.
I did get a picture:

, but as you can see, the RGB guns are way off. The problem lies in somehow ensuring that the RGB signal from your JAMMA board is exactly the same as what your TV is expecting at the neckboard. The guy who's article I followed only needed to use resistors to lower the RGB coming off his board, but I found that even without any resistors, the RGB comming from my JAMMA board was too week to give a good picture (I probably needed some sort of amp to increase the signal).
In the end, it just wasn't worth the time/effort to tweek the RGB signal.
But, if you want to give it a try, you could probably whip something together in a half hour and test it out.
Also, here is a screenshot of what the actual game was supposed to look like:
