I once had (well, still have, but not active anymore) a Pentium III 733 Coppermine machine with Windows 95, 98 and XP multi-booting. The mainboard is a Gigabyte VIA Apollo Pro with 133MHz FSB, with maximum 1.5GB RAM limit.
I tried many different configurations and find out that:
1- 1.5 GB memory installed (512 x 3, max allowed by the board) does not allow Windows 9x to boot.
2- With only 1 GB memory physically installed, both Windows 95 and Windows 98 can boot, providing that you made the necessary changes to their respective system.ini files (MaxPhysPage= and MaxFileCache= parameters).
3- There are many references on the net describing all the hooplas and 3rd party patches that allow you to use your Windows 98 machines with so many GBs of RAM, if you have any reason to take this road.
In the machine I described, with the above mentioned parameters, limiting Windows 98 to a little bit less than 1024 MB and Windows 95 to about 512 MB, and limiting the cache sizes accordingly, was what solved all my problems after so many trials. Just google it, you will find how to arrange the parameters for specific sizes. The same machine was also booting Windows ME, MS-DOS 6.22 + Windows 3.11, OS2 Warp 4, Windows NT 4, Windows 2000 and BeOS without any problem.
But at the end, I did all these just to have at least 1 GB RAM for Windows XP on the same machine. As far as I get from the more knowledgeable people around here, there is not much practical gain in going with 256+ on Windows 95 and 512+ for Windows 98. My two active retro rigs at the moment have 256MB (Windows 95) and 512MB (Windows 98) RAM and are very happy. They required no adjustments or patches or hooplas either during installation, or during normal running.
GA-6VTXE PIII 1.4+512MB
Geforce4 Ti 4200 64MB
Diamond Monster 3D 12MB SLI
SB AWE64 PNP+32MB
120GB IDE Samsung/80GB IDE Seagate/146GB SCSI Compaq/73GB SCSI IBM
Adaptec AHA29160
3com 3C905B-TX
Gotek+CF Reader
MSDOS 6.22+Win 3.11/95 OSR2.1/98SE/ME/2000