WINEVDM and NTVDMx64 basically replace Windows x86 NTVDM, and NTVDM uses a CPU emulator, but on an x86 processor, it doesn't do full emulation. But this is a problem on an x64 processor as it doesn't have the capacity to handle the part of the process that the x86 would. The easy solution is to get NTVDM to do what it would do on an ARM or other type processor (that is, full x86 emulation). Works quite well.
Fair warning, though, you're going to have to fight your AV software tooth and nail for a round or two until it gets the hint you want to exclude both the .dlls (one in system32 and one in syswow64) etc... you may have to restore / undo the auto-actions a couple of time until it gets the hint. Adjusting how Windows launches applications is of course highly suspicious behavior except there's actually a reason for it here.
Now it would be 'easier' to just disable the AV software but that's kinda dumb all things considered. Just keep setting exceptions and restoring quarantined files until the new .dlls are accepted as part of the system.
Alternatively use the manual installation and go that route, that might trigger less AV action but also it will be harder to launch 16-bit / DOS programs (have to launch from the otvdm / otvdmw program instead of just double-clicking the program).