Yes, but you will have to maintain no less than 3 policies for each type of workstation. Store all of them in a directory for the NT Server. For 98 and NT the system is well documented, for 2000 you'll have to browse the Web more thoroughly to find the solution. Having W2K policies outside Active Directory Group Policy can be done quite well but requires tricking W2K so that it applies the policy from the server file instead of ADS.
The only tool which would do all of this for you automatically (and maintaining ONE single policy place) is Novell ZENWorks for Desktops; of course at the expense of money and learning curve headaches.
Have fun,
- The Netherlands