Im not sure yet but it appears that the cdrom issue and the ntldr issue are not related. It's weird that the system is looking for the nt loader when you are trying to install 95 or whatever.
Do you know if nt has been loaded onto the laptop previously? That would be the most likely explanation for a missing ntldr error. I suppose on the rare occasion even after a format that you might get this error. Since the ntldr is loaded from the boot sector in the HD a simple format may not completely take care of it. You may have to do a lower level format to fix it.
There is one thing you could try which may fix it besides reformatting. If you could boot up to a boot disk like 98 or something when you come to a prompt do this
prompt> sys c: <enter>
This should say something like "system transferred" upon successful completion. This still isnt going to help you load the os.
I'm not saying this is the exact solution but this is one method to try that I dont think you have.
You will also notice that on your boot disk there is a file called mscdex.exe. This is a enables DOS to recognize and control CDROM's. You can get file freely on the internet
Herer
You might be able to load the dos drivers and load the system this way.
Once again I cant guarantee anything but this is a start.
Good Luck
-Late