As an aside- The first version of Visual Studio was Visual Studio 97, or 5.0. Before that, Visual Basic, C++, etc were separate products and not part of a suite.
Presumably, though you are talking about Visual C++ 4.x.
The answer is no. Aside from not installing, the ability to compile to 16-bit is something that was provided by bundling the product with the 16-bit Visual C++ 1.52, which of course does not run on 64-bit Windows.
For Visual Basic 4.0, the 16-bit version compiled 16-bit applications, and the 32-bit version compiled 32-bit applications.