16mm films can not play on a common 35mm projector. There are several reasons for this.
16mm film is half the width of 35, so the guides are not compatible. There are 4 sprockets per frame on 35, but only one on 16, so the intermittent movement is not compatible. With the smaller frame size, a lamphouse would need serious refocusing, and I doubt current lamps can do that to any effective degree.
What you wonder about is kind of like trying to stick an 8-track cartridge in to a cassette machine or trying to fit a shopping cart tire on a John Deer tractor. The media is just not designed for the machinery.
As for dual-purpose equipment, you'd probably be far better off finding a 16mm machine that you could set up for when you need it. There are many models out there, from classroom-sized audio-visual machines with incandescent lamps, up to large, industrial models with xenon lamps. Small to mid-sized machines are commonly found on Ebay.
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