I own it. It came in that bundle when I got my MVS, my only bootleg.
What happens is (2 slot cab for me here) is in either slot, it will be the first time to boot up. You then use the stick and A button to roll around and pick your poison, hit A and it boots into it like a normal game. Once you are in, do as you like, fed up? Hold 1P (Left player start) button for 3-5 seconds, it will reset back to your menu to pick another.
Issues: Aerofighters/Sonic Wings 3 is glitched, won't work correctly. Some games have audio issues where you may get a little static or the volume will slide up and down on you. There is a fix for this, I'm too chicken to attempt it as I don't have the 2 little parts to do it (just need to scrape the board in 2 spots to get the trace visible and solder in a bridge to fix it.) I think it was Last Blade 2, it can be touchy and might reset.
Other than that it is fine, and that SVC Chaos Plus game is already on there.
If you have a memory card or preferred the NeoSaveMasta (massive modern no battery memory card) while the 161 works, it blocks out the start button to choose another trick on a stock BIOS. I was told you still can get back to it if you have a UniBIOS which I still have not ordered.
All in all the game has 160 (159 stable) games on there worth thousands of dollars. Of that 97 are legit titles, the rest are hacks(almost all fighters/metal slug games.) Some heavy hitters are both on there, but some are missing. To get the most coverage one would want the 130in1, but that one has problems and an annoying daughter board which blocks multi-slot systems from using it right (but as you I think have a single slot it should be fine.) That one has the big hitters the 161 lacks like Twinkle Star Sprites, Sengoku 2, and others. See for yourself:
http://wiki.arcadeotaku.com/w/MVS_Multicart