I can connect both monitors up to both speakers with seperate volume controls and they both sound the same. Low buzzing. Not very audible with the sound at a decent volume but it sits there buzzing all the time when I'm not playing it. Ideas?
They pretty much all do that, and Punch-Out machines like you have, do it twice as loud as other Nintendo machines, for obvious reasons. Search RGVAC, or this forum, or KLOV forums, or whatever, for "Nintendo hum" or "Nintendo buzz"—you'll find plenty of complaints about this regarding Nintendo cabinets.
The rebuild kits for the Nintendo audio amps don't help in my experience (like Pac-Fan said). And he is correct that using different amps will fix the problem. There are many options for different amps, including: certain car audio amps, PC speaker amps, the "T-amp", the combination Nintendo audio amp/video inverters that Mike from Mike's Arcade sells (
link), etc.