I just followed swaayes suggestion and loaded Unreal on my K6 computer 😉. It has an AWE64 Gold card installed.
The default number of audio channels was 16 on my version, and I couldn't select 48kHz, so I settled for 44.1kHz. There was no stuttering or choppy sound, even when I increased the number of channels to 64 (although I doubt the engine uses more than 32; I think it's 8 for the tracker music and the rest for sound effects). Compared to modern EAX cards, the software rendered room effects sounded a bit cheesy, but not really awful (like the hardware EAX effects on cheap PCI cards).
For stereo soundcards without hardware mixing or 3D effect capabilities the ISA bus is fast enough, because the channels are mixed in software before they are sent over the ISA bus. All you need is a CPU that is fast enough and a mainboard chipset that can properly handle DMA requests (many 486 and pentium boards failed in that category).
IMO the SB 128 is not necessary if you already have a decent ISA card.