Might be a silly question, but can't you recompile it?

Main problem you might face here is that all protector code is 32 bit and it need to load 16 bit original code. Hence it will be mixed binary. Going to CPU level, there are some instruction which are interpreted differently by CPU based on whether they are is in 16 bit segment or in 32 bit segment. So, mixing is always tricky and usually handled by handcoding which is not the case for protector. This could be the reason for failure.

Visu