My suggestion is to download a trial of VMWare or Virtual PC and run 56 on that to see how it does. You have 30 days to try them out and install another Windows OS on it. Don't install XP as you cannot activate it twice, instead use an older copy of 98/95/NT/2000 whatever if you have one handy. I do not reconmend Windows ME, it is the New Coke of Windows operating systems.
VMWare
http://www.vmware.com/
Virutal PC (Now owned by Microsoft)
http://www.microsoft.com/windowsxp/virtualpc/
Something to try if you do not have an extra copy of Windows:
http://www.reactos.com/
It is based on NT standards, but I am not sure how well it will work with TWGS. It is an alternative to Windows that runs Windows programs. If it works, please post your results here. Many of us want to find a way to avoid using Windows, but run Windows programs.
A free, but slow, emulator is Bochs:
http://bochs.sourceforge.net/
It can run Windows 95 and NT 4.0, but 98 has some issues with it. I had 98SE running under it, but could not get the floppy to work and other minor issues. It was dog-slow, ran like a 286 or 386 but it ran.
Good luck!