What I am wondering is if each chemical is only good for 16 rolls? Meaning that each chemical has the exact lifespan as the others?
Well, the real situation is much more complicated than you might think, and the idea of a specific lifespan is not as exacting as you might think. It's pretty much like Rudeofus says, but if you don't understand things on a bit deeper level then you're best off just sticking to the manufacturer's instructions. They will mostly keep you from getting into too much of a problem.
If you want a little more insight, here's roughly how the developer works: one of the components is an actual "developing agent," in a specific concentration. There is also a "restrainer" which sort of holds back the development. The two work together to give a more or less balanced amount of development. Now, when you actually develop film, the developing agent is "used up" (destroyed) in proportion to the actual amount of development. At the same time, a byproduct of development is released from the film in the same proportions, and this byproduct IS a restrainer. So there is a sort of "double whammy" effect going on, but it depends on the degree of development. If your film is heavily exposed, such as photographing white objects, then the effect is very strong, and the allowable number of rolls is less. On the other hand, if the film is barely exposed, with near-black backgrounds, then the developer is barely used, so it could handle more rolls.
An additional complication is that the developing agent is also depleted by exposure to air. So simply letting the developer be handled gradually "kills" it, even if no development is being done.
So the bottom line is that the ability to do multiple rolls from a certain amount of developer is based on having some sort of tolerance in the quality of development, along with the ability to partially compensate by increasing the development time. If a certain manufacturer says you can do more rolls with their developer, this means that they either have sloppier tolerances, or they presume a lesser exposure on the film.
In professional photofinishing, which I have been involved with, we don't work with such loose tolerances. For each roll we develop, we add a small amount of a "developer replenisher" solutions which counteracts the tendency for the developer to become worn out, so that it always stays at the same strength (within some tolerance). So you can see that this whole concept of "lifespan" of a developer is an inexact sort of thing, and it largely depends on how finicky you are - at what point does the off-spec development really start to bother you?
In the case of "blix," where the bleach and fix are combined, the way it "wears out" is somewhat different than the developer. Additionally, the two parts mixed together are sort of mutually self-destructive, so it's probably more important to use it within a shorter period of time than to be too concerned about the roll capacity.
Anyway, the bottom line is what's good enough for your purposes, and sticking with the manufacturer's instructions will likely help keep you there. You might note that Kodak's guidelines probably don't let you do as many rolls as some other makers; this is not so much due to any magical properties, but rather that Kodak is more conservative with helping you stay out of trouble.
Hope this is a little bit useful to you.