I have Homeworld running fine on Win 2000 (RC-2 2114) with a ATI Rage Expert 98 (8 Meg) and a Voodoo 2 (12mb), Direct X 7 Update. Gives a black screen with version 1.03 but the original works fine.
Sometimes lose the taskbar in the game, and sometimes "ESC" does not bring up the menu, but apart from that perfectly playable in Open GL mode.