Well, I'm currently planning this as a add-on to one of my standard arcade games. .
I currently don't have any PC MAME-Arcade setups if you don't count the x-box.
Based on some research into protection circuits, I'm thinking 5V max varistors tied to ground,
with a fuse to blow if that happens to protect each side.
For each color and the sync signal:
Signal--(fuse)---(VR)----Connector1(game monitor)
|--(VR)--(fuse)---Connector2(test/ second monitor)
But my theory may be completely flawed, but the idea is to take any rogue voltage that might get in the circuit
that's not 5V or less and ground it, popping the fuse, rather than going back into the game PCB or monitor.
Not likely to happen, but it's kind of a worst-case-scenario. rather change a fuse than rebuild a circuit.
Basically build a surge protector into a RGB cable, of sorts.
Or, I just make a splitting cable and check the voltages of the test monitor before hooking the signal cable up.
I have a tendency to over-complicate things.