I think I see your problems (at least two)...
1) It looks like you need to install the SDL framework (very easy to do, needed by (SDL)MAME, should you decide to try it, and free. Check out the SDLMAME forum, and look at the 'New build instructions for SDLMAME on Mac OS X' thread).
2) Please note that the command needed by chdman in the Terminal is '-update' (note the '-')
As for (SDL)MAME being a lot of work, the things to bear in mind are -
- The largest amount of work involved is the one time setup of the SDL framework, and downloading/installing Xcode. After this, it's really just a matter of typing a few lines in the Terminal, and waiting a bit.
- Signing up as a Mac developer costs nothing, and does not obligate you in any way to develop software. It does allow you access to the developer community (should you decide to develop software), and give you access to developer tools (like Xcode, which Apple used to include with the Mac OS X retail packages, and new CPUs).
- If you really don't want to go to the trouble of compiling yourself, pre built binaries are available at
http://sdlmame.parodius.com/(But honestly, compiling it yourself gives you a sense of accomplishment...

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