You should be good with that cable. It's easier then most people make it sound. Genesis/sms, SNES, PSX, Saturn, Dreamcast all output RGB already so no mod needed. N64 and NEC stuff need to be RGB modded. NES/Fami has some new rgb mods out there but I haven' t messed with them yet. PCFX just use SVID. The SVID/composit look awesome on that monitor too.
Does yours have the speakers/remote??
You shouldn't need the sync stripper but it doesn't matter.