Ken, yeah I've looked through that site (which was a big help in getting my new isolation transformer wired up), but I can't find any information on there related to this problem. Everywhere I've seen with people using this monitor for their MAME setups shows it syncing and working totally fine, so the problem just can't be the "single resolution only" problem that was mentioned as a possible culprit above.
I've been talking to Andy from Ultimarc and he suspects a bad video breakout cable, so he'll be sending me a new one (great guy, by the way). I'm hoping that's it, because for the life of me I can't figure out why it would do this. I've tried wiring the horizontal and vertical sync wires together to create composite sync, I've tried only plugging in one sync cable, I've tried putting one sync cable in negative and one in positive, I've tried moving the ground around, pretty much everything and nothing works.
I'm 99% sure it's not the monitor, because I had the same monitor before taken from a SMASH T.V. cab which this one replaced and it too would do the exact same thing. While I'm waiting for this new cable, if anyone else has any ideas on what it could be please share them; I'm at my wits end here. I'm considering getting the J-Pac so I can use the JAMMA hookups for the monitor itself hoping that would fix it, but will wait and see what happens with this new breakout cable.
Too bad the local electronics stores don't stock this kind of stuff, eh?

Also, for comparison purposes, here is the JAMMA video cable SMASH T.V. had used to connect to the monitor, compared to the VGA breakout cable from Ultimarc. It clearly looks like JAMMA is using a composite sync here.
JAMMA:
http://img193.imageshack.us/img193/1927/dscf0456o.jpgVGA Breakout:
http://img684.imageshack.us/img684/8425/dscf5453.jpg