No.

The article suggests using 8 bits (=256 values) to pack 5 trits (=243 values).

If you use 16 bits (=65536 values) then you can pack at most 10 whole trits (=59049 values). 11 trits (=177147 values) won't fit.

The current top comment, by JoshTriplett, analyses what you would need to beat the efficiency.