After you execute the installer, but before you give it the final OK to proceed, navigate to Windows\Temp and edit the AUDIO.INI file and choose the features you desire before allowing it run.
Reboot and after restarting in system properties make a copy of your current hardware profile and rename it.
Remove the SB16 emulation from the system applet and when prompted choose to remove from a specific profile.
Remove only from the new profile, I also remove the SBLive game port (and IDE controllers) since I don't use them, save it and reboot again.
Before Windows starts it will prompt you for which configuration to use, choose the new one and then delete the original profile so it won't ask you at every boot.
A great way to free up some IRQs if you ever need to.