the NTLDR, ntdetect.com, etc. files are contained at the root of the first OS installed, namely Windows 98. If you format that drive, you will not get into windows without an emergency repair disk (made in Win2k's backup program). There should be a fixmbr function in the recovery console for Win2k (to install, go to a CMD prompt and type: <CD Drive>:\i386\winnt32.exe /cmdcons.
Also, (i guess there are multiple ways to do this) you can boot with the emergency repair disk and choose Manual Repair and tell it to inspect the boot sector AFTER you format the C: drive (where 98 was). The ERD can only write the system partition of the first hard drive, but it can repair the boot sector for the system partition on the startup disk (which is C).
Hope this helps.
Jeebus