If you put a good quality red-dot on, and not a cheapie you should be fine. But the red dots, I think, don't really magnify. I know the soho's don't
But under any circumstance, I need magnification, because with my wimpy eyes I can't even see a 6" ring through a peep sight at 100 meters.
What exactly do you plan to use the old 98er for? (assuming it is a 98
)