Stirby has the right idea. Make sure you load '95 first and leave a drive or a partition the size that you want your NT OS to have. That's true for both Server and Workstation. You could even have a triple boot option by loading both Server and Workstation. You'll want to have two drives or partitions for that! The NT load will ask you where you want to the install to go. You will want to choose the drive or partition you left for NT. In either case you do not have to format the area, NT will ask if that's what you want during the install. It's up to you to decide if you want NTFS or FAT16 system. You can convert from FAT to NTFS but not from NTFS to FAT later. Also, Chappy is right on about the FAT16 deal. NT does not recognize the FAT32 of '95B version.
Good luck with it...