In theory it should, with the right system card, problem is the Super CD2 might not physically fit a TG16.
It will not fit without some modification. I just got a super cd rom 2 and tested this. The connector on the super cd needs to be cut and even then the power socket of the turbografx does not line up with the hole on the side of the super cd. I used the shell only of the TG16 to test the clearance. A friend of mine suggested that modding an RAU-30 would probably make the TG16 work with the super cd. These are pretty uncommon devices so it made no sense to me to mod them when a pc engine works just fine with the super cd.