If w2k and 98 is installed in different drive, you are right. Otherwise, baldyeti is write as the 98 boot record would have been saved to the c:\ and replaced by NT's.
Erh ... actually it seems I was wrong. I'd swear I had tried that in the past but one can chain to the hidden win9x bootsector in addition to the NT bootloader: (assuming hda1 is your C: fat)
Code:
other=/mnt/hda1/bootsect.dos
label=win98

other=/mnt/hda1
label=win2k
Perhaps this capability was introduced after I tried long ago; I've been fiddling with all this since way too long!-)
All in all this is good news since it means lilo can be used as sole boot loader when needed.

Sorry for the confusion,

Cheers,

--bald.