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It should be possible to build, however there are some considerations. The BSP of the Galileo doesn’t include kernel 3.16. To add kernel 3.16 you’d need to create the recipes and check its functionality.
Another option would be to create kernel 3.16.0-30 using the sources from kernel.org but you’d have to import the OS. There aren’t any guides to do this, since this kernel is not supported.
There are some threads in the community that discuss using a Debian image with the Galileo that you might find useful.
You can also look at