NO you will ahve all osrts of problems with putting the new hardware in with just a swap.
you will need to install WIN from scratch.
sry ...
my recomendation is this:
install all the new hardware, but leave out the drive with win98
do a full install of XP, following the steps here:
http://www.hitechcreations.com/forums/showthread.php?s=&threadid=93658THEN turn off PC and attach the HD with win98 as the slave and start up.
it "should" just start to WIN XP.
in XP you "should" see the new drive, and can save any DATA only. NOT applications installed by copying the data to the XP Hard drive.
now if you want to do a dual boot with 98 as a secondary OS i dont know a ton about that.
i do know that by changing the processor and MB the 98 OS will almost guarenteedly NOT boot.
you problem is the analog CH gear. XP does not support gameports natively, and you would not have full programibility of the stick.
back to the dual boot thing.... i seem to remember that you have to have the 98 system established before XP. if that is thae case, install all the new hardware, WITH the new HD as the master and the win98 as a slave
boot to a 98 startup disk,. and format the slave drive only (you will lose all data). install the 98 on the slave drive and get it running.
restart and install XP on the main HD (use NTFS because it is MUCH more stable and secure) you should then be able to do a dual boot.
things to remember:
win98 can NOT read NTFS so when in 98 you will not have access to the XP hard drive.
98 is not stable with large ammounts of memory (over 512mb) and to run smooth you will have to manually edit the MAXVCACHE to eb 512 or lower.
hope that helps