[other] Is there a way to run an old Win4Lin "VM"?

Twenty-ish years ago I used Win4Lin as an emulator for Win98SE. I just found the image yesterday and realized that it can be useful for something that's not directly relevant to my question.

Rather than a harddrive image, I have a folder tree because Win4Lin used the Linux filesystem. I was hoping I might coax QEMU to run it because Win4Lin was based on QEMU, but I couldn't. Is there a way to use QEMU, VMware, or VirtualBox to run this Win4Lin installation? I looked at all three and they all seem to want .img- or .vmdk-type image files.

Thanks!