A Pentium III 450 MHz is fine, I would know, I installed DOS 6.22 in one and none of my games ran too fast. (And if some ancient one does just use Mo'Slo like FH said.)
You want to use Windows 98? If that computer is just for old games, I'd go for DOS 6 instead. If you ask me DOSBox is more compatible than anything, but DOS 6 is certainly better than Windows 98 for old games. There are some that won't run in Windows 98 even "restarting in DOS mode" (DOS 7).
Your sound card is also all right (again the same I had) even in DOS, because it includes a Sound Blaster 16 emulation feature for the sake of backwards compatibility. You should have the necessary drivers in a CD, they're the same that Win98 loads when "restarting in DOS mode". I have them anyway in case you can't find them, also I think they can be downloaded maybe even at Creative's website.
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