16-bt OleAutomation Server (possible?)

Is it possible to instantiate a 16-bit automation server (EXE) from a 32-bit
client?  We have a 16-bit DLL (without source ofcourse) that we would like
to use with our 32-bit client and we wanted to avoid the evil Thunk monster!
I was thinking of writing a 16-bit automation server in Delphi 1.0 which
would encapsulate the DLL calls and then have the server instantiated from
our 32-bit client.