I've used PCx and PCTask on my 060/50. PCTask was better. It could do memory paging, whereas PCx, for all its claimed pentium emulation, could not.
This meant only PCTask could run Win95. Mind you, PCTask running Win95 was slower than a very slow thing.
Running Win3.1 in standard mode was quite acceptable for apps like WP - Word2 and Word6 both worked well. Excel had some glitch whereby it would only work in Windows enhanced mode, which was slow.
I can imagine that Windows 3.1 would be reasonably snappy, perhaps even in enhanced mode. That might make Win95 useable under PCTask. But the real question would be....why?