Such an OEM license is only valid on the original hardware. Can't be transferred to other hardware. Only retail versions allow this. That's why OEM-versions are so cheap.
However, for Windows 98, I don't expect Microsoft enforces this via an online activation. So it might very well work.
Still, I'm locking this thread.
I am after a compaq presario desktop pc to run windows 98 with the quick restore disk I have. If anyone can help please email firstname.lastname@example.org.