Just to cover the basics:
1) the PS/2 cord is plugged into both the computer AND the J-PAC, correct?
2) the video cord is plugged into both the computer AND the J-PAC, correct?
3) the J-PAC is plugged into the JAMMA harness the correct orientation, correct?
4) You don't have the original cabinet power supply still hooked up, or if you do it's not corrected, or if it's connected, you never connected it backwards while it was on?
Because at least ONE of those lights should be on.