I coulden't get to run on 95 either. Considder moving up to 98SE - it seems to run O.K. on that. Try more RAM - 16MB is not much - even for 95. Ensure you are running 95B. Old Windows 95a will probably have a heart attack if you try to run something useful on it!!! ;-)
I'm running it happily on an Toshiba 430CDS (pentium 120 with 16MB) under Win95b. Considering it accesses the com ports I would definately use Win95b. Apart from being a bit slower than I like, it runs beautifully and saves me having to keep taking my project to another PC in the house.
