No, not with an existing XP on the first drive.
You can use third party software to create a dual boot. If you have Partition Magic, you can use it (and Boot magic that comes with it).
If not, do the following. Disconnect the XP hdd first. Connect new hdd, set it as master (for the time being). Install 98 to the new hdd.
After that, reconnect XP hdd, set it as master, the 98 as slave. Start computer and it should boot into XP.
Then click here and download OSL2000 and unzip it. Read the ReadMe.htm file first and make sure that your setup is compatible with it - essentially if you use programs which rewrites the MBR, like GoBack or drive overlay software, you cannot use OSL2000. Otherwise, it should be OK.
Then get a clean floppy ready. Double click the setup.exe file for OSL2000, when prompted to create uninstall disk, insert floppy to make it. Then just follow the prompts. After installation is complete, nothing seems to happen. Now you can restart computer.
On reboot, you should get an OSL2000 table, listing out the partitions. Choose the first partition on the 98 hdd and you'll be able to boot into 98.