Launchbox is just a front end. Launchbox launches different emulators and games. GroovyMAME is a fork of emulator MAME. Basically, an emulator that you launch with Launchbox.
To answer your question, yes you can. But it is better to setup GroovyMAME to work with Launchbox.
ArcadeVGA is antiquated at this point. Also, from an expense perspective, not feasible. J-Pac is also been passed by in lieu of other solutions. For one, there is no audio amp on J-Pac and secondly, the video amp on J-Pac sucks (IMO).
What you should do instead is to pick up a discreet AMD Radeon HD5000 series or higher (not lower) video card ($10 used with a DVI/VGA dongle or with VGA output). If all you plan to do is run MAME, then get the lowest model in the Radeon series that can run in your PC. MAME is all emulated via the CPU, the GPU has no part in it. Only get a beefier card if you are running other emulators or launching other games using Launchbox.