Here's all the browser's I've used with Windows 3.1x and my opinions on them in a modern environment......
Netscape 2.02 - Utterly worthless, more Javascript errors than you can shake a debugger at!
Netscape 4.08 - Works rather well except on certain websites that make extensive use of Flash and Java. Can have some Text issues with some sites.
MSIE 5.0 - Works okay, but Google links are unclickable, and once again, the bugger of Javascript and Flash becomes a problem.
The best browser I have going on my 486 is Arachne for DOS, if it were not for some games, I would probably drop back to just using MS-DOS on the machine with no Windows whatsoever, since everything can be done in MS-DOS now given all the programs that are out there from LeetIRC, to CD-Roast, to Arachne, to WordPerfect 5.1 (even the old standbys get quite a lot of use).