TC16 doesn't boot on my 486DX4-100 laptop. After "Decompressing kernel... Parsing ELF...", then someting else which flashes up too quick to see, it reboots. I can try to frame-through a video of it if it would be useful to know the rest of the message. Perhaps there's a chance the kernel just won't start in the laptop's 16MB RAM anymore (rootfs.gz and modules.gz are unpacked to a HDD partition used as root= so they're not in RAM like a normal TC installation), but probably an illegal instruction.
Sorry I'm late with my usual 486 test. On my first attempt I reconnected the HDD wrong and killed it, losing my TC boot configuration in the process. I tested TC15 again though and (eventually) got it booting again. Replacing the TC15 vmlinuz file with the TC16 one causes the above behaviour. The same HDD transplanted into a 1GHz Intel Celeron laptop with 256MB RAM boots TC16 OK.