I've tried PST 5.8.1 which bombs out of the installation immediately, and I've tried 4.8 and 4.9 which give the following error during install:
"The type of setup selected includes USB Device Driver component.Windows NT required for installing USB Device Driver component.Please back to custom to choose other components.Setup will install other components."

ADI had the same problem but no-one posted an answer.

How do I install PST (any version) on WindowsME?