Well theres not too much to explain really, to be honest it's mostly intuitive if you've worked with electronics. But on the whole (this is assuming you want to consolize a smaller 1-slot mvs system, the big 1-slot doesn't need controller ports because they are already present):
-Get an MVS board
-Get a power supply. A computer one will do because you only need to connect +5 and +12, and ground connections. Most other arcade boards need -5 too, in which case you'd have to find a power supply that fits the bill. If you want to go more professional with your CMVS, get one of the Jameco ones (there's a sticky about it I think), they are much smaller than a PC power supply.
-Get joysticks, and connectors that fit for your unit. If you are using original neo sticks, then get two DB-15 connectors.
-Get an RGB->NTSC converter. JROK at
www.jrok.com or neobitz at
www.neobitz.com. I hear good things about the neobitz, and they're cheaper.
-Wire it up. Find the MVS-JAMMA pinout probably at
www.hardmvs.com, and just match everything. Either solder right to the edge connector on the mvs, or get a jamma harness and do it from there. GND to GND on the power, +5 to +5 on the power, 1 player Down on the controller port to 1 player Down on the edge connector, video signals to the video signals on the RGB->NTSC board etc..
Thats' pretty much it! There's more you can do to make things more professional, like installing an on/off switch, audio attenuation etc.. but that's all to taste.
It's much better to ask specific questions on this board. The info above is very basic, and it still took a few minutes to write up. I don't think anyone wants to take 8 hours out of their day to write a walkthrough on this subject. You can build this entire thing without using any electronic components (if you don't attenuate the audio), so as long as you're good with a soldering iron, you should have no problem.