Edit: Added picture of what happens when I try to start the build 40 serverbrowser in a win98 VM. The left error could be related to the fact that the program is running in a VM, but the right one should be the same on a real machine.
I would guess both errors mean intercourse you. Generally trying to run anything newer on 98 is bad, I remember once I tried to run bunch of things on it, some programs were just displaying weird error messages (none had any relation to what I was trying to do), some error messages+"Upgrade", and sometimes even "Upgrade"+error messages. On 98/95 anything goes, except running applications.
Too bad you haven't tried to run paintball there, I would vote it would not run too.
Right error message would mean that PE EXE fields are set too high for 98/95 to even try to run it (But as anything goes, there had to be some error), so it pretty much means that anything compiled in this compiler in this mode would produce almost same result. And this is case for most applications that are compiled nowadays so I would say stop caring about anything below Vista or XP if you are archaeologist. Otherwise I will require you to publish also 16bit version so I can run it on my Win 3.11 I have and version for DOS 3 (to run Windows 1 with DP on it).
So no idea why care about XP even, but maybe you still live in nineties.