Hi Oliver,
It is true that LV 8 is not supported on Windows 98, so we know for sure that won't work. As for the installer question -- I'm not sure if MAX is capable of exporting traditional daq virtual channels in this manner. You might want to post that question to a DAQ thread to be sure. This document may be of some help:
https://knowledge.ni.com/KnowledgeArticleDetails?id=kA03q000000YHceCAG&l=en-US
Have a good one!