Why do you do this? What software requires it?
W98+DosBox-X did the job. With a sufficiently powerful machine, the phony system was at least as speedy as machines of the era. And there are enough tweaks to speed up the boring parts. That one worked so well, I tried some demos from that time frame, and most did fine.
Other than that, why not? It’s interesting to see how things used to be…
Start->Run
regsrv32 %systemroot%\apppatch\slayerui.dll
This enabled the Windows 95/98 compatibility options for desktop shortcuts a la XP. Just set them with the right mouse button and they will run fine.
On DOSBox-X, once w98se it's installed, the dynamic core will run it much faster.