Dealing with two tape widths (at different times and for different purposes) is possible on some machines. The "small format" machines of 3M, MCI and Ampex, just to name a few, generally could be set up to handle both 1/4" and 1/2" tape. You'd just swap out the headstack assembly and then either replace or rotate the tape guides to switch from one width to the other. My 3M 1/4" machine has pinch rollers, reversing idler and so on designed to accommodate 1/2" tape. That's pretty standard. The M-56 16 track even had reversible guides to switch from 2" tape to 1" tape. But you wouldn't want to make a habit of running the 1" tape across 2" heads.
However, in this case, what the OP wants to do is not practical at all. The track width is four times too small, so you'd need to come up with both 1/4" guides and a new headstack, both of which might be difficult and expensive, and then you wouldn't be able to both play from the 16 track and mix to the same machine as a 2-track at the same time. Far easier and more useful to just get a 1/4" 2-track machine.
Cheers,
Otto