I actually ran Win95 on a 386 a while back (I don't believe it was a true Intel 386 chip though, as it was a 40MHz chip.)

Ran "ok" - not great, but it did run.

So with a bit of work I don't see why there should be too much problem running Win95 on DOSBox, from what I remember I had more problems getting the real Win95/386 combo to accept the hard drive, rather than anything else. The box does actually say 386 with 8MB RAM.

I might try it later, actually, just to see what happens.