@ fishy_fiz
I reckon you should try an old version of OS/2 just to see if it will work (yes I know it is MS/IBM). Apparently it is notoriously hard to emulate because it uses ring 1 & 2 whereas others only use ring 0 & 3 on the intel chips. If it works, it is a pretty good emulation, but you may be waiting a while for it to boot ;-)
OS/2 is 0% M$, IBM did do a little deal with C= so they got some multitasking kernal help and Commodore got AREXX in return.
As to running things x86 CPU emulated speed is the problem, try DR-DOS + GEM if you have 030 or above
