I've done this many times wit Win98se, and have not had any problems. BUt a reformat is always the best way, but if it does'nt seem to work you can allway's do it.
I allway's first remove software drivers associated with any add-on cards like Nics, modems, sound cards. Then shut down, remove the actual cards. Then re-start the comp and boot into safe mode (Win98, never delt with XP) and look in device manager and remove any of the hardware that might show up that I know I just removed, then restart.
Then I remove the specific chipset device controllers listed in device manager, like IDE controllers, USB and/or anything that is listed with the name of the current chipset manufacturer in use. Uninstall the video card drivers via add/remove hardware utility, Then shut-down for the last time and install the new motherboard.
The only real problems I have incountered was once I did not remove a Nic and its specific driver before installing the new motherboard, and I could never get internet to work, although it worked fine on my network when tranfering files from comp to comp.
Also thought I had a problem when I went from KT266a to nForce2 when I saw all the nVidia device controllers being rcognised on initial start-up by Win98 and thought I had done something wrong. Kept on recognising about 13-15 device controllers, which I thought was abnormal, but turned out ok.