Sorry to Necro a thread, but I wanted to share a success story.
I just got a VisionTek Radeon 7000 PCI - 64MB to test with Windows 95 OSR2 for $16 US shipped. I tried several driver sets, and I found one that works well with Windows 95: Catalyst 2.3 (Version 4.13.01.9062). It's not perfect, but it doesn't throw up an USER32.DLL error at startup and OpenGL works for the most part.
I've tested several games including Unreal Tournament, Jedi Knight 2, MDK2, Return to Castle Wolfenstein, Deus Ex, and Thief 2. They all worked with the exception that I had to run OpenGL in 32-bit color otherwise I got OpenGL errors. FPS varied by title and settings, but I could get all of them to a playable framerate.
Performance wasn't stellar given it's a cut down Radeon DDR, but it's the fastest PCI or PCIe card I've tested to date on Windows 95 that functions properly and remains stable during operation. It also offers a 1080p resolution over VGA for my widescreen monitor.
Best of all, Catalyst 2.3 supports a wide variety of Radeons including the 7000, 7200, 7500, 8500, 9000, and 9700. I'd love to try a PCI Radeon 9000 on Windows 95 with this driver; unfortunately, they're a bit on the expensive side right now. I have a PCI Radeon 9250, but this driver doesn't work with the RV280 GPU (I tried).
I hope this information helps anyone interested in running Windows 95 with a DirectX 7 or 8 graphics accelerator.