Well, gave it the old college try but sadly for me anyway, MVS is a no go with this thing. The problem is just that the color quality will not stay consistent. I ended up going to a couple of screens that have multiple vibrant colors being displayed and paused the MVS on those screens (Sam Showdown II character select screen and a couple of different stages) and adjusted on them. Colors on them looked near perfect (including yellow and green), but with the same settings I still get completely faded/bleached out colors on other screens.
Also, where blue will appear vibrant on some screens, on others like the initial NeoGeo load screen when the SNK logo appears it is colorless. This is simply either a comparability issue with the MVS itself, or it is possible it is a TV issue. Sadly I cant confirm the possibility that it is a tv issue, as the other two tv's in the house that accept component video will not work at all with this add in board and the MVS.
I still need to try this board on a Genesis here and see how it does on my tv's. If I get the same issues as on the MVS, then that will tell me at least it is a tv issue, and there is a possibility it will work fine on some TV's with a MVS at least, and just not mine. If Genesis ends up working perfect then I will know its totally a MVS compatibility issue. Will f*ck with this more later down the road and post an update when I do.