I renamed it, then used Outlook 2016 successfully for days (mostly Outlook, Word and some Excel). After a reboot, I did get an error code 0x426-0x0 trying to start office apps, but I'm pretty sure that was just due to disabling the Click-To-Run service a long time ago and (possibly) having gotten new updates pushed to me during the reboot.
I did an SFC /SCANNOW which restored the original atmfd.dll, and I immediately deleted it.
If you bump into any OpenType fonts it might be a different story.
