This has come up before.
Funny thing about MAME is that just because a ROM is supported doesn't actually guarantee that it works. MAME developers will often release compatibiity for a ROM into a new release without the game actually being playable.
NBA Jam is such a game. As is Mortal Kombat. I've tried to get Mortal Kombat going and i've got so far as getting it working to the character selection stage, then it dies. I'd imagine NBA Jam would do the same thing as they use similar hardware.
The main reason that it doesn't currently work is that in MAME 0.34 the developers originally thought the CPU was clocked at 50Mhz, whereas it should be actually clocked at 6.25Mhz, so the poor GP2X is working it's guts out try to emulate a hefty spec CPU (needlessly). The other reason is that the game is supposed to run in 16-bit color mode, though this can be tricked into running in MAME's 8-bit color mode.
I'd be keen to hear from Franxis if he's planning another MAME GP2X release soon as I've got a few bug fixes and tweaks for the next release.
EDIT: Spelling as always. I should really proof read then hit the post button, not the other way around!