The Y coordinate was wrong as it wasn't being flipped to the texture space I am using (actually it is the X coordinate, as the monitor is rotated 90 degrees in the arcade machine), the fact each glyph was also upside down is because the pixels are store in a 1bpp buffer, so drawing a line of 8 vertical pixels (again, actually horizontal, due to rotated monitor), means unpacking the 8 bits from a byte and drawing them to 8 consecutive pixel, and I was reading the bits in the reverse order. Relatively minor issue in the grand scheme of things.
So the update for today is the video below, starting to look a fair bit better. Next major (obvious) issue is the lack of invaders and projectiles (so based on that I am 50% complete, as I have emulated the 'SPACE' but not the 'INVADERS') ...
http://youtu.be/hpvvwVGWhYA