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I've done it, though I have no cabinet and am not entirely happy with my components. I am happy with the Hotrod SE joystick I bought for 100 bucks. It has done really well for everything I needed and is immediately compatible with MAME. Its just annoying that you can't change what keyboard buttons the buttons respond as, because some games don't let you bind keys to Left Ctrl and Space Bar. There are ways around that though.
The only other thing that is an occasional annoyance is that the joysticks are either set as 4-way or 8-way, and 4-way games are hard to play with 8-way joysticks and vice versa. Playing Donkey Kong and Pac-Man on an 8-way is brutal, but most of the time it works how you want it to.
I can probably answer any questions you have about all of it. Its still a work-in-progress for me and I've had a lot on my plate lately.
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