Yes you will still have the option, however if the Windows XP is an Upgrade version you won't be able to start the installation from Windows.
You will need to go into your BIOS and change the boot order so the first boot is the CD drive. Install 98, then when you are done, don't change the boot order back yet. Restart the system with the Windows XP CD in the CD drive. The system will then ask you to press a key if you want to boot from CD so press a key. Once you agree to the terms and conditions you should arrive at a screen that asks you which partition and which drive you want to install to. Just be sure to not install Windows XP to the same partition as Windows 98.
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