Go ahead and install 8. You will be fine. I am pretty sure I installed 8 or 9 on my recent P2 350, and I have not had any problems.
Oh, and you can always uninstall it the hard way, by formatting and reinstalling.
Also, there are DOS or older directX versions of most emulators available, so you could always just use them. The emulators I used 4 years ago worked great then, I don't see why they wouldn't work great now.