I've had this game before and it should be able to work if you're doing everything correctly. See my MAMEFAQs Q1. and Q2 for some things you can check. The MAMEFAQs link is in my sig. Also have a look at the How to Use this Forum guide in MAME Help Announcements for a list of info you can provide that might help us. That's the other link in my sig.
Funnily enough I was just thinking about this game before I saw your post. Getting the tricky control method of the original game to work in an acceptable way in MAME when I was still a newbie put me off. I eventually gave up and deleted the game in frustration. When I first saw the heading of your post I thought that this was what the trouble was gonna be about. Here's the original control panel:http://www.klov.com/images/10/1097076010.jpg
The tricky part is that the yellow controller is a combination 8 way joystick for movement and spinner for aiming, which is what allows the separation of movement and aiming (eg. walking forwards and shooting backwards simultaneously). Lately I've been thinking that since I'm more experienced now I should have another crack at working out an acceptable control method.
Seeing as you're probably gonna have the same problems as I did with the controls once you get the game working anyway, I'll post my findings here.