Exactly. If anything you should probably stick with 98, since the issues with it are much less than ME. ME is just 98 with a face lift, and IMO a ton of bugs.
But if you really are serious about it, you will need to get something like Boot Magic, since 98/ME do not have a bootloader like Win2k. Load both OS's first then install boot magic on the second installed partition and you should be able to dual boot. However, I havent tested this, so dont come back if you can only boot into ME or 98.
Really, it is rather pointless since there really arent any differences because all your apps and games will run under 98 as well as ME. Actually, ME seems to be less compatible with things than 98. Just a warning...
It probably will work, but Im not going to say absolutely yes it does, because I havent tested it out.