black to all the gnd(ground) connections
Not really neccesary. I used just one GND and it works fine. Those GNDs per color are there because on a (good quality) SCART cable, each color signal has it's own shielding (=gnd). However, all arcade games wiring I have seen don't bother about that and simply use one single GND wire, and there's no shielding at all.
The GNDs on the SCART side are all connected to.............Ground

If you don't want to use the sound from the TV, just forget about those connections. I didn't use the sound of the TV either....normaly an arcade monitor doesn't have any sound inputs, so when using this in an existing game, you probably will never use it. However, when building your own cab, there's nothing to stop you from using the TV's audio amp, which are almost always stereo and a good enough quality for arcade games. Speakers depends on the TV of course.
If you will de-case the TV like I did, remember to bring the infrared receiver to the front. I desoldered it (it's usualy only a couple of pins) and put a wire ribbon between the original PCB soldering spots and the receiver. This way you can still adjust brightness, contrast, volume etc. with the remote. A nice bonus compared to an arcade monitor.
The only (minor) set-back is that controlling the picture position, size etc depends on how those controls are placed on the PCB, or maybe controlled via set-up menu's.
About the quality: It's exactly as good as an arcade monitor. By using the RGB lines on the SCART connector you bypass everything that could degrade the signal, and (almost) directly steer the guns in the CRT. Tuner etc. are completely by-passed. A TV is just an "arcade" monitor with a tuner

Here's a link to DarthNuno's site /Pac Man project that gave me the idea to use a TV in my Galaxian:
http://www.dragonslairfans.com/phpBB2/viewtopic.php?t=195&postdays=0&postorder=asc&start=15You can easily the great picture quality, as he used a brand new TV set. I used a 2nd hand one that is about 10 years old. Advantage of that is the really nice old-fashioned round CRT...
Let me know if you need more help !