I know the AmigaMerlin Win9x V2.9 Readme states Voodoo4/5, but the Driver is known to operate on Voodoo3 as well.

(I asked AmigaMerlin himself at the time of the release, and he updated the Package with newer .inf Files to accomodate Voodoo3. I think we just forgot to change the ReadMe back then)
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When it comes to the best Driver, it usually comes down to individual Testing.

The V1.07.00WHQL is a very stable platform, and if that is doing the job for you, it is always a good recommendation.

The AmigaMerlin, x3dfx and Mikepedo Driver series contain vast tweaking options (not only overlocking), which can :
- increase performance
- increase Image Quality
- are useful for Games that exhibit problems on 3dfx reference Drivers

Basically, it allows for finetuning the Voodoo3 to give the best performance at the highest Image Quality possible, as well as offering enhanced (usually beta) capabilities, that the 3dfx reference Drivers do not possess.

With the latest Glide, 3dfx OpenGL ICD/enhanced GxpGL Cores, 3dHQ's Direct3D Cores, the 3rd Party Drivers therefor are very powerful Drivers, once you get to know them a bit closer.

WickedGL for specific OpenGL Games (e.g. Counterstrike/MOHAA), and 3D Analyzer for very advanced Direct3D limitation workarounds (e.g. overcoming T&L requirement for some Games) completes the picture.

I think you can see, that operating a Voodoo3 card can be done the simple way (using default 3dfx reference Drivers), but there are alot of ways to increase this Card's capabilities in many ways if needed

That takes some time to get into, but it often pays off.