If you're just trying to get rid of the password altogether, just delete the contents of the .pwl file. Boot to dos, go to \windows\, edit <username>.pwl, and delete the contents. When you reboot back ...
If you have any interest in retro-computing, you know it can be difficult to round up the last official bug fixes and updates available for early Internet-era versions of Windows like 95, 98, and NT 4 ...