Thanks to everyone for their replies. This is what I ended up doing:

Since it's a Compaq floor server (tower), you have to run the Smart Start CD's to create a diagnostic's partition. Not a big deal. In most OS's (NT, 2000) this actually ends up saving you a great deal of time during the OS load, but in this case, it's just a pain. So, I configure it to run "Other" which is what they save for consumer OS's. After the 39mb diagnostics partition is created, I boot to the 98 floppy, create a primary partition of about 200mb (in case I need to dump some drivers or whatever) using FAT16 (with the FDisk utility). Then I create an extended partition (FAT16) using the rest of the drive (fortunately, it's only a 4gb drive) and split it into 2 logical drives (2gb a piece), the first for the consumer OS, and the second for the NT one. I loaded the consumer OS first, and tweaked it (drivers, NIC, etc). Then, I had to boot from the damned floppies for NT. Mainly because the SCSI card for these servers is not part of the NT initial driver listing. Went to the Compaq website, downloaded, put it on a floppy, no big deal. Finally got the NT os loaded, and it detected the consumer OS in the boot.ini. Tweaked it, dropped drivers, Service Packs, Option Packs, Browsers, CABS, the whole nine, and it works nicely. Edited the boot.ini to reflect which consumer OS I was running on each machine (varied from Win98Se, Win98Fe, WinMe - we dropped Win95B) and was golden from there on. I had some small questions about Win2k Pro, and why it doesn't create a boot.ini, but, I'll live without having to know. Thanks again to everyone who contributed.

On a side note, I would SINCERELY recommend using a software app called VMWare for creating running multiple OS installations, rather than multi-booting a machine. It runs from a window within the parent OS, and everything is virtual, including hardware. It sounds a little shaky, but they've got it ironed out pretty well. I'm not selling it, but I've got to administer a NT 4 based network, while testing on an Active Directory upgraded network, and it's works beautifully.

Tanx!

J