IF you can reinstall Windows95 on top of what you have (and this is unlikely without a valid number, unless the one you have on there just happens to work, and I doubt it) you probably will not need to reinstall programs. If they are buggered up you may have to anyway. I am unsure of the present state of conditions.
Win98 on 24 meg. regardless of processor is NOT recommended. If it runs it will be so slow and thrash your hard drive so much you will not use it for long.
So, I guess it's off to eBay for you.
What are the specifics on the Win95 machine you have now? The 24 meg RAM will be usable with Win95.