This is a terrific project. I wrapped up version 0.6.0 in an AutoIt script that works this way:
Download RunOldWin.exe from the link below. Copy it to the folder that contains the 16-bit program that you want to run. Rename RunOldWin.exe so that it has the same name as the 16-bit program that you want to run, with "64" appended to the name, for example: Write64.exe
Double-click Write64.exe (or whatever) to run the program. Or drop a file on it to open the file in the program. At the moment, it only takes a filename as a parameter, but I can change that.
It fails with big, complex programs, but seems to work reliably with smaller ones.
This is a compiled AutoIt script, so some antivirus programs will flag it as unsafe. If you don't trust it, don't use it. Don't waste your valuable time posting messages here asking if it's safe. I've codesigned it, by the way.
How it works: It contains the OTVDM files inside itself, and the first time you run it, it copies them to a folder in your temp folder. It then runs otvdmw.exe from the folder in the temp folder.
If your program complains that it can't find a file, then copy that file into the same folder with the program. If your game or app won't run, file an issue at the developer's web site. I'll update this with future versions of the project.
And here's the link: