I would like to say, I like this guide and should help some people play on 1.17.1 and maybe future versions of minecraft.
There are some issues to be aware of which you have said but none computer people may not understand.
As for java version most people and almost all aplications are for java 8 as this has been the standard since 2014 and with long term till 2030 so do not be worried by version number, Java works in strange ways. I would recommend keeping java 8 if you have it on your system, do not uninstall it. I would recommend installing the java 16 alongside your other java version. Another thing to be aware of is that Java 16 would be a software development kit, used to develop and compile java programs for the runtime enviroment, so it could have potential issues and may not run other java programs due to a multitude of issues.
If your system is a 32-bit system again I would recommend not doing this, this does tell me that your computer hardware is approaching 10 years old and in general will not have the right drivers or even support to run most modern programs. Also with it being 32-bit, the software rendering is likely to be so slow it would not be playable for most people.
If you are unsure what to do, again I do not recommend attempting to mess with dll files as if you are not careful could brick programs.
Use this for a short period of time as this is a temporary fix, it may not last long at all, and should be used as a stopgap till you can get a computer which can support more recent implementations of OpenGL 4.4+ For more information look at the recommended specs here:
https://help.minecraft.net/hc/en-us/articles/360035131371-Minecraft-Java-Edition-System-Requirements-