My vote is for Win98SE Lite. I love having the stability and features of Win98SE, and the fast explorer of Win95. Of course my system may not be as stable as NT or Win2K, but it does not crash often.
As far as gaming goes, this configuration runs great. Nearly everyone will tell you that Win98SE is the way to go for gaming right now. I have not used ME, but am sure it is a resource hog, just like Win98 UnLite. I run many older (2-4 years ago) games like Fallout1/Fallout2, Diablo, Warcraft2, etc. and they all run fine.
Then again, Win98SE and WinME are pretty much the same, with the exception of ME being more up-to-date. If you were asking about Win98SE and Win2K for gaming, then it would be a different story.