Well, yes and no.
For Win98, there is no such thing as _group_ policy but there is the more traditional MS policy. It is created by a tool called POLEDIT, which is formally part of NT Server but probably also in the (now defunct) W98 resource kit and other MS sets.
The outcome is a file called CONFIG.POL. This then should be placed in a directory available upon login, and will be applied more or less automatically to the clients.
Of course the available policy fields are a bit fewer than for W2K but so is the W98 platform - basically all what you need for finetuning the UI is there. (Of course not many functions for securing the desktop, that is outside W98 scope).
HTH,
- The Netherlands