The obvious choice of boot manager would be GRUB 2 [1] but Plop Boot Manager [2] is entirely sufficient in many cases and easier to install and configure.
You can partition the hard drive, real or virtual, with Parted Magic [3].
If the reason you want to go with real hardware is that something like VirtualBox doesn't feel transparent enough to you (i.e., there's a lot of magic that happens in the background when you configure it through the GUI) I'd suggest trying out QEMU first. It requires more manual configuration (you'll have to read the man page and find the right set of command line options to make it do what you want) but the end result is that you have a better understanding of the virtual hardware your guest OS is running on. Plus, the Cirrus graphics card it emulates by default is well supported by old software.
You can partition the hard drive, real or virtual, with Parted Magic [3].
If the reason you want to go with real hardware is that something like VirtualBox doesn't feel transparent enough to you (i.e., there's a lot of magic that happens in the background when you configure it through the GUI) I'd suggest trying out QEMU first. It requires more manual configuration (you'll have to read the man page and find the right set of command line options to make it do what you want) but the end result is that you have a better understanding of the virtual hardware your guest OS is running on. Plus, the Cirrus graphics card it emulates by default is well supported by old software.
[1] One good option is to use http://www.supergrubdisk.org/super-grub2-disk/.
[2] http://www.plop.at/en/bootmanager/
[3] http://partedmagic.com/doku.php