Rock on!
I love all that old stuff... the thing people dont realise is that somewhere down the track, someone is going to want to look at the old output, for whatever reason. For historical documenting, keeping working original hardware is as important as documenting what the machines did, or maintaining records of their output.
The MAME project is exactly for this purpose, documenting the original software for arcade machines. Being able to play the games on current hardware through an emulator is a side benefit.
I'm all for this project Mike, kudo's to you!