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I had to give this a go as 2.16 would fail during an install under WINE. I went ahead with 3.01 final, and it worked! :D
It opened a 2.16 file successfully, converted it to 3.x format, saved it, and re-opened it under 3.x format without problems. Aside from poking around some entries to see if they're all right, I haven’t tested any further. So far so good though.
Gentoo Linux 2.6.16-r7 was the distro, BTW.