I have a CF-01 with a Proxim Symphony Cordless PC Card (Win95) and a Proxim Symphony Cordless USB adapter plugged into my desktop (Win98). Not quite the same as you but I had a few problems that Proxim couldn't help with.
This is what I found...
Don't let windows install drivers. Download the latest from the Proxim website and follow their instructions.
Don't use the 'quick logon' feature found in Network Properties / Client for Microsoft Networks. Use the 'Logon and restore network connections' instead. If I did not do this I could never see the other computers drives, although I could see the other computer.
If you use ZoneAlarm and are attempting to share a modem (cable in my case), it will not let you connect unless the Internet Security setting is at Medium. (If anyone knows how to get around this please let me know!)
I am going to attempt to use the internet connection sharing that is in Win98SE, there are instructions for it on the Proxim website - hopefully it will allow me to connect while still having ZoneAlarm on the High security setting. When I have the Symphony software running my internet connection seems to flake out on me sometimes, maybe this might help that also.
Otherwise -- the setup works fine for sharing my CD ROM and hard drives with the CF-01. I set up a shortcut in the sendto folder on the desktop that allows me to just right click on stuff that I want to sent to the CF-01.