Updating/importing old Connectix Virtual PC image

I've got a Connectix Virtual PC disk image (Windows 98) on an old Powerbook G4 of mine, and need advice on how to make the files on it usable on my new machine, a late 2008 MBPro. I know there's gotta be a path somewhere, but am not sure of the steps. I'd be happy to go with Parallels, but know that Windows 98 isn't supported in that environment. Virtual PC is no longer supported on the Mac, so that's a dead end. My guess is that it will be a long and messy process, possibly involving starting up VPC on the old mac, dragging the program files I need to the Mac desktop, and then copying them to the new machine. Then I'd have to install Parallels on the new machine, along with a new Windows OS, install up to date versions of the software that created the files I need, and then reimport the files.

Has anyone had experience with this type of process, and does this sound like the way to go about it?

Thanks!