95 is not bad. 98 is really not any better for what you can do with a CF-01. The speed isn't bad with 95 either. I am kind of puzzled why everyone is so eager to have 98. What's the advantage?
On the other hand, CE is relatively crap. 95 is without question better than CE. Even if it was possible, you would not want it anyway. Instead of going to a slow 98 machine, why not stick with a mediocre 95 machine? Out of the three PCs in my house, my 95 machine is (ironically) my most stable.
The real thing you may want is Linux. It has been said it works on these, but nobody is there yet...