This is the first time I used GLSL shaders in Retroarch, so bear with me…
The shader Hunterk did is already in the Retroach GLSL shaders folder.
I think you need to set your graphics driver to OpenGL to even see the GLSL shaders from Retroarch UI.
So load a core/game combo for MAME or something that will do OpenGL.
Go into quick menu > shaders… Instead of using the Technicolor.glslp preset, I went to the bottom of the menu and set shader passes to 4.
For the first shader pass, I used an anti-alias shader (because the game I was using is very jaggy).
For the second pass, I used the LUT shader in the Reshade folder.
For the third and fourth passes, I used the film-grain shader in the Film folder, and then the flicker shader in the Misc folder. (You can probably mess with the order of the last 2.)
Flicker is a bit extreme, I which I could ramp it down a bit, or maybe have the black frames that get inserted have a random opacity. There doesn’t appear to be a way to adjust it short of re-writing it. I think there is one number at the bottom of the GLSL file that you can change to alter the frequency of the black frames.