Your best shot probably is to Google the game, and look for results of what other people found. There's some old site I referenced a while back but I cannot seem to locate your game on it. Still, Google is invaluable in situations like this. Otherwise, play with DOSBox more.
Also of note, the setup.exe - especially back in the day - usually holds nothing except the installer. You could copy and paste the files off of your cd and they would probably work... except the executable to run the game is 16-bit as well, and you will run into the same problem. And that's where Google comes in, because some people figure out how to get by that using hackity hacky or other methods.
As a last resort you could find an old copy of Windows 98 laying around your house. I have a Windows 98 cd right over here...
Also of note, the setup.exe - especially back in the day - usually holds nothing except the installer. You could copy and paste the files off of your cd and they would probably work... except the executable to run the game is 16-bit as well, and you will run into the same problem. And that's where Google comes in, because some people figure out how to get by that using hackity hacky or other methods.
As a last resort you could find an old copy of Windows 98 laying around your house. I have a Windows 98 cd right over here...