It will work. I have done it. Processing no issues at all, it is just 16mm film. Projection is a problem. Yes there is a chance you are miss aligned by the extra set of holes but easily corrected.
The projection issues are if you have a two finger pull down claw on your projector the load force used to pull the film to the next frame has to be distributed over a smaller area of film before the double 8 holes area or the load only has half the film to resist the pulling. I found in my projector I was getting tears with repeated projection, I then moved to a three finger pull down claw and breaks were reduced but not eliminated.
If you want to use the film as you have it available, go for it, and then transfer to a digital film on first projection, you'll most likely not get any tears on the first projection.