I separate my arcade stuff out and honestly I've done some of all of those things in getting my collection over time. I use MAME, the FBA core (CPS1&2 + NeoGeo) in RetroArch, Demul (Naomi1&2 Hikaru Gaelco Sammy Atomiswave), CPS3 emulator Sega Model 2 emulator and SuperModel (Model 3). I believe all of those systems work with MAME ROMs but you will find some issues with MAME changing some of them and the emulators not keeping up with the changes so its hard on which way to say is the right way to go. The download section has some .bat files you can download to copy the files out of your MAME ROMs directory which makes it easier but they aren't available for all systems yet. Some of the sets though can be found online in packs together if you search