I gave up on 1.16 since the hack doesn't seem to work as when O2EM runs, it says:
Invalid option : s0
Error in the o2em_def.cfg file at line number 11 !
What I get when I run 1.18 which also seems to work fine except the voice is:
O2EM v1.18 (Jan/2007)  -  Windows binary
Free Odyssey2 / Videopac+ Emulator - 
http://o2Created by Daniel Boris (c)1996/1998
Developed by:
     Andre de la Rocha since version 0.80
     Arlindo M. de Oliveira since version 1.16
Starting emulation ...
Initializing sound system...
  Sound system initialized ok
  Sound driver [Primary Sound Driver] detected
Using Allegro Allegro 4.0.2, MSVC
BIOS found:
  G7400 VP+
  C52
  JOPAC VP+
  Odyssey 2
Videopac+ G7400 bios ROM loaded
Loading: "C:\roms\O2\ATTACK OF THE TIMELORD.bin"
Loading voice samples...  287 samples loaded
So it appears to be seeing the voice samples - but it isn't using them.  Switching to other roms like "bios_o2.bin" has no effect.  My O2EM config file is:
# O2EM Config
fullscreen
scanlines
vvolume=100
svolume=100
speed=100
bios=bios/bios_g7400.bin
s1=UP,DOWN,LEFT,RIGHT,SPACE
s2=W,S,A,D,LCONTROL