Well, the ELKS[1][2] project has been working on a 16bit port on and off since the late 90s. At one point Alan Cox[3] was an active contributor.
[1] http://elks.sourceforge.net/
[1] http://elks.sourceforge.net/
[2] http://elinux.org/images/6/68/Porting_uClinux_CELF2008_Griff...