Suggested VM size in 98.

Actually ,Microsoft never gave any algorythms for calculating the optimal size of VM in Win9x.Their stand is that on these OSs VM performance is best wgen managed dynamically.But the reality proves otherwise ,and u probably know it, otherwise u wouldn't have asked this question.
There also isn't one universally acceptable opinion on the size of VM in Win9x either.The most common opinions range between min: 0, max.: 1.5/2 times the available RAM, or 250/256MB, whichever's less. (There was once a great article here, on Tech Republic about this issue, unfortunately I don't have the link to it ,but it basicly said the same thing).
Also, it is recommended to put your swap file on a separate drive/partition, where u don't have any applicationsetc saved so there won't be any conflicts and competitions with the swap file for I/O. This partition size doesn't need to be big, not above 2GB.
Actually ,some people say that if your VM resides on a separate ,empty drive/partition, u can let the OS manage it dynamically, but I'd still set the fixed size.
U also can set both minimum and maximum values to the same size (the max, of course) ,by that eliminating the fragmentation threat.
U also wantto make sure that your VM file is unfragmented, especially if u cannot place it on a separate drive/part. To defrag your swap file-set it's both values to 0 ,reboot (with as little launching at startup as possible) and run Defrag. Then set the VM values back to whatever u want them.Now u have atotally defragmented VM file to begin with.
HTH
Good luck.
Talli