@Folly 😆
I don't have much experience with AdvanceMAME either, but what I'm reading indicates that its lightgun controls function as emulated joysticks and/or are Windows only. A quick test with the border applied via artwork gives an inaccurate cursor with bad sensitivity. The performance loss is a hurdle that seems to make further testing pointless.
A careful application of the RetroArch lightgun API doesn't require any sensitivity adjustments by the user. As long as the coordinates are scaled properly by the emulator, where you point the gun is where the cursor goes.