Spice86 is currently not a real decompiler - but its more and more becoming one
Is it any good at win16? The other free ones I have used are kind of lacking. I have a win16 game I have been meaning to decompile nicely.
Spice86 is some sort of tracking emulator like Dosbox giving you the ability to replace original code parts with C# - i don't think that Spice86 can emulate Win16 currently