Yes just wiring it straight works. Just ignore the last 4 pins on the board..
I actually took a normal cable, cut it and soldered it straight to the board.
Then used an AT PSU to power it.
DON'T DO THIS!
It took forever and was a royal pain-in-the-you-know-what to solder all of those pins, make sure they were right, not touching each other, and that they would stay on.. But it does work.
Hooking up a CD-Rom does work, but if you use the 98lite image from I-Hacked, its missing the cd-rom driver. Copy the catroot3 file to your HD, it will make your life much easier. And it contains the cd-rom driver as well as many others you may need..
If you have a network setup, put a win98 disk on file where you can access it. Makes life much easier.