I tried to run Soldier of Fortune for Linux (of Loki fame) and it isnt possible due to 32/62bit compatibility issues.
I cant imagine running 16bit software...
Linux doesn't have 16-bit software.
Does that have any interesting 16-bit software you might want to run on Linux?
The compatibility is mostly at the level of the source code. You can compile linux programs from 20 years ago and run them. The only friction is that the compiler may print a few warnings. Binary compatibility is a moot point when you can recompile stuff so easily.