If you are using NT's own replication software.
"Only Servers running Windows NT Server can be export servers; import computers can run either Windows NT Server or Windows NT Workstation." (Pg 155 4th paragraph, Supporting NT Srvr in the enterprise by ms press)
You can try rep exec by veritas, but I think you will run into the same thing. Remember that 98 uses fat32 which is unreadable by nt.
Generally you set up NT with NTFS; so if you use a 95 machine with fat you will lose permissions. Not to mention they are dissimalar architectures, so I am not sure how it could work to begin with, unless you install srvr with fat. (which is a waste)
Personnaly I would'nt trust replication to a 95/98 machine, even if it could be done.