If you enable the LPT port in the BIOS you should be able to enable LPT sharing in the sb emulation dialog in device manager. For my AudioPCI, I have the LPT port on 378 and normal mode.

Unfortunately, I don't see sb16 emulation in device manager.

In Windows make sure that the VXD drivers are installed or the SB16 emulation won't appear in device manager. A normal installation will use the WDM drivers by default which are crap. Phil's review on SB Live! could help you there.

I had a similar issue with this card.
I found that SBEGO.exe would play the wav and fm sample fine but couldn't get it to work in most games. Eg tyrian, alien carnage.
I tried various driver versions but never had much luck.
From what I gather the sb16 emulation 8snt perfect and if you really want full DOS compatibility you should put an ISA card in alongside your Live.

Hello again! I appreciate your responses, but no matter what I tried, I couldn't get SB16 DOS emulation working on my Athlon XP machine.

However, I recently got a Socket 478 system with a Pentium 4 Prescott @ 3 GHz and an ASRock P4i65G motherboard.
This time, SB16 DOS emulation worked no issues with the same Sound Blaster Live (CT4830) sound card. All I did was install the VXD drivers.

My guess is the SiS 741GX chipset my Socket A board uses doesn't cope very well with sound cards trying to emulate DOS sounds.