It sounds like you're only feeding the monitor horizontal sync, and you're adjusting the vhold until the free-run speed just happens to line up with what the PC is feeding it. Be sure you're actually sending composite sync to the monitor. The PC convention is to output composite sync on the horizontal output, so you may just need to adjust a setting.
You also may be using something like positive composite sync, which the monitor may not like. Arcade monitors almost universally want negative composite sync. Try to get that set up.
If you can't get your video card to output composite sync, it's not hard to make it. Composite negative sync is just the XOR of negative horizontal sync and positive vertical sync. You can do this with a 74LS86 or similar pretty easily. There are even simple circuits that will auto-detect the polarity of your relevant sync signals.