64 bit Windows 8 will run 32 bit Windows 95/98 software just fine.
It's the 16 bit Windows 3.1 era stuff it craps out on.
(Okay, there is some 16 bit Win9x software. But most of what I have is 32 bit. The obnoxious exceptions are game installers. TIE Fighter for Windows? 32 bit. TIE Fighter's installer program? 16 bit.)