Here is what I found out:
The Coronet will work on the Studio 2 frame, but because of the width of the frame, you will lose about 3 inches of your 16.
You could also put it on the Loft frame, but if you ever decided to upgrade machines, the 16 inch machine is the largest size that you can use on that frame.
Hopefully this info will help anyone trying to decide on an upgrade!