The error message is INACCESSIBLE_BOOT_DEVICE. This is my guess that the IDE HDD or HDD controller does not support 32bit.
I suspect that NT3.51/NT4.0 would occur as well, based on this principle.
I know Win95/98 is both 16bit and 32bit, but if the FDD/HDD…IDE controller is 16bit, 95/98 is forced to run in MS-DOS compatibility mode. If the IDE controller is 32bit compatible, 95/98 operates in 32bit. This is my knowledge.
It is my opinion that if the IDE controller is 16bit, NT3.51, NT4.0, and Win2000 will fail to install because they are pure 32bit OS without 16bit.
I also found this report.
p.s.
I remember I experimented with this a long time ago (using an actual IBM machine).
NT could not be installed on CPU i286.
NT could be installed on CPU i386.
NT and 2000 could be installed on CPU i486, 486SX, 486DX, IntelDX.