The Console is perfectly harmless, it is simply a plugin management interface. It is used as the launch point/controller for many tweak apps which plug into it. Check out the Windows 98 CD and look for the ResKit folder. Install that, and see what happens. Console will control those useful apps by providing a shared interface for launching them. Also, if you use DiskKeeper - a superior alternative to Defrag - that also plugs in to the Console.
Related Tip - in that Reskit folder is a neat cleanup tool called ChckLnks - grab it and use it! It will scan all your shortcuts in the Programs menu and the desktop, as wel as the Start > Documents menu. It then lists any links which are broken (perhaps an uninstalled program which didn't remove the shortcut, or a file you opened, then deleted or moved), and lets you remove them.