No. There is no user configurable services in Windows 95/98/Me. Services appear with the "true" 32-bit OS's, like WinNT, Win2k and WinXP. Using msconfig, you can check other programs that may be hogging memory, but that is a totally different topic and you should not disable anything that you are not sure if you need. In short, if an application is in the system tray (lower right) it is taking up memory and does not need to be.
You can check my Windows Me Super Tweaks Page for things that you can do to make your computer run a bit faster.
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Windows Service Configurations!
Includes explanations of each service and advice on which services you can safely disable.