OK, so I thought I'd provide a brief update. I've had limited time so I'm still experimenting, but I have thus far had considerable success using the boot manager utility supplied with xfdisk, which has been extremely light, simple and effective.
The hardware has been changed out to a dual 700MHz Pentium 3 setup with a 440BX chipset. The K6-III was not entirely stable at 500MHz, which was a pity, but I then remembered that I had this dually board in the loft and it has worked remarkably well. Throttle is a superb utility slowing the machine right down and disabling the cache on the processor, with the result being that I can have the machine operate much like an IBM 5150 when used in conjunction with moslo in real mode DOS, or as a full bore Y2K box in Windows 2000.
I intend to experiment with a Voodoo 5500 now and I may try and add Windows 95 into the mix after all. I suspect that the Windows 3.1 drivers may work for the V5 as I believe it uses the same 2D engine which is a good performer and has decent DOS compatibility and furthermore strikes me as a more appropriate match for the power of the machine. Besides which, I've always wanted to use the Voodoo 5500 as I'm given to understand it's image quality is pretty decent for the day and a pair of P3's should compensate for the lack of hardware T&L somewhat. Before anyone says anything, I am fully aware of the fact that only one processor will be utilised outside of an NT or unix type OS and in those instances a single 700MHz P3 is still fairly awesome.
This is just an update and a lot more work is due to be carried out in the future. I don't expect to have this system exactly how I want it until some time after Christmas.