When using Win95 you will have problems to find drivers for all your hardware. And I remember that there was a problem with Renoise under Win95 (a user said that it didnt started at all).
Use Win98 if you really need a slim OS and want to be sure that Renoise and all other nowerdays win32 programs should run on it …
use win98se or winme. works fine on both. just be sure to disable “system restore” on winme which is totally useless. you can use win.me.lite patch (third party software which disables tons of things) to do this as well.
The above link is a promising project, but in Beta stage. I would not recommend it for renoise. It is based on a Linux kernel with a sort of eumulator (Wine and DosEMO emulator (slow). Anyway if someone get’s Renoise working on it I’d love to hear it.
The WINE developers have quite a task to do, since they also have to implement many of the same bugs as windows has to avoid changing the behaviour of a lot of programs