WOL is hit and miss with older machines, and since you mention win98... I had some older 3Com cards that had a 3 pin header connected directly to the motherboard but that doesn't seem necessary with newer hardware.
You should probably just go ahead and try it - When I was messing around with it, I used a 9V battery and hooked it up to the RTS line of the serial port. No setup other than enabling it in BIOS. This was a couple years back, so I might be missing something though.