Depends on the SB16 (there are literally tens of versions, post the CTxxxx model number for clarity), both in terms of whether it even has a Wavetable header, and on how bad its MIDI bugs are (all SB16 variants have slowdown bugs, most have minor hanging note bugs, some have awful hanging note bugs).
Tbh, I'd never use an SB16 (or AWE32/64) for MIDI unless I had no other choice. But what your options are depend on the system (do you have a second ISA slot available?) and what you want to run on it (only DOS? or also Win9x games?)
If you have multiple ISA slots, I'd recommend an additional ISA sound card with bug-free MPU-401 MIDI, a wavetable header, full SBPro2 compatibility and (depending on your SB16) real OPL-3. Something like an Aztech 3rd gen (AZT2316) or OPTi 929/930 would be perfect. If you already have OPL-3 on the SB16, an ESS card would be a good option too. The SBLive can remain in the system, just don't bother initializing it for DOS.
If not, question is what you want to do. Only DOS? They you're far better off with a different PCI card. Given your desire for wavetable, I'd suggest an ESS Solo-1 based card like the Terrtec Solo-1 (not all cards have wavetable header installed, but you can solder one in and it just works), but a Yamaha YMF74x-card would also be good, if it has a wavetable header. Both are better in DOS (more combatible, less nasty drivers) than the SBLive. If you want Win9x and EAX they fall short. However the golden rule with PCI and DOS is you only need to initialize what you want to use, so you can keep the SBLive for Win9x and add one of the aforementioned cards for use in DOS without conflicts.