It can be quite useful for both OS'es to use the same Page/Swap File. This is a good way of saving space on hard drives more than anything else. You should set the Initial/Minimum size of the Page/Swap File the same for both Operating Systems; the Maximum size is irrelevant for this purpose as it will revert to the Minimum size when possible.

Before you consider renaming your Page File you must meet one criterion. That being that you cannot share a Page File on a NTFS partition, Windows 98/Me can't recognise NTFS. As a result, you can only really share the Page File when on a FAT32 partition. For sake of convenience, I´ll assume that you want to have both Operating systems share the Page File on a FAT32 partition.