Even in a PC you'll need a decent processor, at least if you want accurate emulation. Until someone finds a miraculous optimization shortcut in KI's hardware emulation, I'd say yes, it's currently impossible in this hardware.
a hacked original xbox could run it pretty well on a humble pentium 3:
...because there's an x86 dynarec which helped massively. however, MAME on ARM does not have such a luxury, which I don't see changing.
I guess I'm wondering if there's some database somewhere of arcade games and what their joystick/button layout was. That will help me to know how many buttons I should plan for on each of the cabinets.