Is it possible to create memory dc's that arn't the same as the current screen setting?

I ask because running my game in 16 bit color rather then 32 bit effectively reduces the memory requirements for the memory dc's by half. However although the sprites look good in 16 bit color the backgrounds do not. The game must run in 32 bit color but is there a way I can create the sprites in 16 bit color and have them still display correctly when windows is running in 32 bit?

I've tryed changing the color settings through vb at the time the dc's get made then changing it back once they are made but that doesn't seem to work as in some cases caused malfunctions.