JAMMA sync is at TTL levels, which is what PC monitors expect, so you can just connect the sync straight through, yes. If you only have composite sync available, place it on the horizontal line - this is the convention in the PC world, rather that placing it on both lines.
You can usually get by only using pin 4 for ground, but sometimes you'll have to tie them all together.
As for the video, be aware that PC monitors expect 0.7V peak video levels, while arcade boards often put out significantly larger signals (in the 3.3-5V range). This will cause excessive contrast (likely blooming) on your monitor. If this turns out to be a problem, it can be fixed with a single resistor to form a voltage divider with the monitor's internal 75 ohm termination.
Also, be aware that most arcade boards output standard res (15kHz horizontal scan rate) video. Most PC monitors are not capable of displaying this (only going down to VGA, which is 480p, which is 31kHz horizontal). Hooking it up won't cause damage, but it also likely won't work.