I've thought about this myself but this is where I jump off the "give me film or give me death" wagon. Video is just soooooooo much cheaper. Having shot two indie films in a younger year - one shot 1/2 on 16mm black and white reversal, and one on digital video... The cost of stock and processing a feature-length film - forget it.
In any event, if it's negative film, where you're film comes out inverse/negative, you'll still have to take it to a lab to get a positive work print. If your film is 16mm reversal, I believe you need to "fog it" - expose it to light. However, I might be dead wrong about that - don't quote me.
Anyway, here's a thread that discusses it. 2/3rd's down someone mentions a "Morse developer" that was cheap ($40) used (trick is probably finding one...) And someone else mentioned a "cinetank" - seems like a spiral + tank like used b&w stills but for 16mm movie film. The thread has links.
Here's the thread:
http://photo.net/bboard/q-and-a-fetch-msg?msg_id=000d1o