Depends if it will spend most of the time playing dos or windows, or dos games IN windows

If its mainly Windows or dos games in Windows
I would go with a Audigy over a live, Better sound in Win9x, uses the same emulation as Live for dos.
Audigy 2 ZS doesn't officially support dos but someone has hacked the Audigy drivers to work

Other option is a Vortex 2, but also haven't tried one of these out for myself yet.

Mainly Dos
Yamaha card, its a bit basic for windows IMHO but dos its fine
True OPL which isn't really an issue for Windows games but worth thinking about in DOS
Good MIDI support both Dos/Win
Drivers don't require Emm386

Something completely different
SoundBlaster 64 aka Ensoniq Audiopci 64 aka Ensoniq 137x
Basically Creative brought the company purely for their dos driver and used it in their Live - Audigy cards. (well that's what I think anyway) so for the most part will have the same Pro's and Con's as creative cards
Doesn't seem they knew what to do with the company as that particular soundcard goes under so many different names finding the correct drivers can be hard, so it gets a bad reputation, shame as its actually got good midi support, just not EAX, good dos support (as good as any other creative card) and drivers were no where near as bloated as the Lives at the time.