Can I fool an application into thinking that Windows NT is Windows 95?

Yes, the SETWIN95.CMD program has the ability to make a program think it is running under Windows 95. If a application comes up with a message like "This programm requires Windows 95" when you try to run the program then you can try SETWIN95.CMD on it.

To use SETWIN95 do the follow:
Put in the NT 4.0 CD
Copy setwin95.cmd and imagecfg.exe from support\debug\i386 in your system path
You can use SETWIN95 with setwin95 title.exe