with 2.04 roms, you can run workbench 2.04, 2.1. Also wb 3.1. When you try to install, it will complain about kickstart, but if you install in another environment (UAE) and mount the hdd to a 2.04 machine, it'll work.
You also need an accelerator for 3.9, as well as 3.1 roms. I guess it needs at least 68030/8mb ram for reasonable operation.