Fun project. You might want to build an emulator for a real 16-bit CPU like a 6502. That would allow you to run real, existing software on it. That way you don’t have to write your own code.
6502 has 8 bit registers, 8 bits wide data bus, and 16 bit addresses. Only PC register is 16-bit, but 6502 does have a zero page indirect 16-bit addressing mode.