There is no 3D acceleration for guests below Windows 2000 in a VM in either Vmware Player\Workstation or Virtualbox.
If you want 3D Acceleration in a VM for 9x you'll have to use pcem or an unofficial build of DOSBox but more than likely the game will work fine on Windows 2000 or above.
Most old Windows games work fine on Windows 2000 and above so best to try them before making assumptions that they won't work.
As for Odium I only have the demo but the last time I tested it years ago it worked fine on Windows 7 64bit with an Intel video card but I had to disable DEP.
Just like most 9x games you can probably switch between gdi,ddraw,d3d anyway and most of the time it didn't make much of a difference and you also have the option of using the D3D wrapper in dgvoodoo2.