If it works with Win 98SE, then OK. Have you tried it? The Microsoft page I cited says:
Windows NetMeeting 3.01:
Windows NetMeeting for Windows 95, Windows 98, Windows Me, and Windows NT 4.0.
I find it odd that the version in Win XP is 3.01. Actually, it must be a little different than the version in the above reference. In Win XP, NetMeeting Help shows version 3.01 (5.1.2600.2180). In Win 98SE: version 3.01 (4.4.3388). Makes me wonder what number you're talking about, the number in parentheses or a number before the parentheses.