Game Boards, especially the older ones with TTL chips, were made to work with pretty much exact +5.0 volts (+/- 0.25) directly on the board itself. Some games will not boot below 4.8 or 4.9 volts. Higher than +5.3 can damage some chips.
I measure both voltages (at the board, and at the output of the power supply), and if more than 0.2 volt difference, this often means a too small gauge long +5v and or ground wire(s), dirty or corroded finger connectors on the board (needs to be gently sanded and re-tinned) and/or bad pin(s) in the connector (Jamma harness connector for you).
In any case, both voltages should be pretty close to +5 volt, and depending on the game, more or less critical for proper game function.
For your question, I would adjust the power supply, after connector/pins/wiring checked, to +5.0 volts when measured on the game board itself (power supply should not be higher than 5.2 or so in my experience following this process).
Cheers, - Sylvain |