Yes, it works. I did a setup like this many years ago, but I don’t use it any longer , as FVDI is breaking the compatibility of many apps, and the interest for me to run TOS 4.04 is to have the best compatibility, so I prefer now to run TOS 4.04 with NVDI + Videl Inside.
Anyway, you can have a look at this thread : viewtopic.php?f=8&t=25684
There is no issue between betados and Fvdi, but you can have issues with other TSR. Aso run xboot before Fvdi.
I don’t remember if Fvdi must be run before or after betados driver. You should give a try.
If you boot FVDI with NVDI , read carefully the thread in the link as it is trickier.
If it still doesn’t work,I’ll try to dig up my old setup