So, I have just tested it and it works. First the file structure setup for the Roms (a slash indicates a directory):
MAME/
|-- area51/
| |-- area51.chd
| |-- area51t.chd
|
|-- area51mx/
| |-- area51mx.chd
|
|-- area51.zip
|-- area51a.zip
|-- area51mx.zip
|-- area51t.zip
|-- area51ta.zip
The game rom area51.zip is in the main MAME roms directory. That directory also contains a sub-directory with the same name as the Rom area51/. That sub-directory contains the CHD files associated with the Rom. To start a game, you run area51.zip as the game.