No, Dreamweaver does not have support for utf-16, only ut-8
You should be able to save as utf-8 and then convert the meta tag to tellthe browser to display it as utf-16:
<META http-equiv="Content-Type" content="text/html; charset=utf-16">
Be aware however that utf-16 encoding and javascript do not always play well together. This may cause problems in Firefox, Safari and Chrome browsers.