@Orionsangel:
Is there a specific reason to use a *.cfg file with the mame hoffset, hstretch, voffset, vstretch settings instead of adjusting the x, y, width, height settings in the *.lay file?
I mean you could do it without a second *.cfg file 
Currently i try to write a bash script to convert mame *.lay files to mame2003-plus *.art files and rotate/crop/extend the images accordingly.
To convert the offst and stretch values too will require additional calculations, so without those it would be much more easier.
You can see the result in this thread: MAME artworks for MAME 2003-Plus (atm i am using a spreadsheet and make the conversion manually)
Also i try to write a script to convert them to regular RetroArch overlays inclusive the corresponding game overwrite *.cfg for the custom aspect ratio.
Unfortunately i am not so skilled in scripting
and it takes some time.
(spreadsheet and manual work is done)