I think the LC3 project is the way to go. It's a 16 bit RISC architecture with only word addressing. Hold off on the LC3b version...
I just had a look at LC3, which I hadn't previously come across.
It's a perfectly reasonable (if limited) RISC architecture, with the exception of LDI and STI -- load and store indirect which require a single instruction to access memory twice. This is not RISCy because it complicates the implementation. Ugh. Maybe they did it for pedagogical reasons. But ugh.
Arithmetic is limited to ADD, AND, and NOT. That's logically sufficient, but it means subtraction needs three instructions a + ~b + 1, OR needs four ~(~a & ~b), XOR needs .. uh .. seven minimum I think ~(~a & ~b) & ~(a & b). It would be better off with just ADD and NAND as primitives (AND, OR, XOR need 2, 3, 5 operations respectively). Or just NOR. Or just BIC.
The NOT encoding is strange, with the usual 6 bit immediate field required to be all 1s, where other instructions (JMP. JSRR) that don't use it require it to be all 0s. It's almost as if NOT is really an XORI instruction. Which would be very handy.
Weird that JMP and JSRR effectively have an immediate field to be added to the register, but require it to be 0. You could implement them using the standard reg+offset calculation to save logic, but you'd have to have the decoder check the offset is 0. Why not just allow non-zero?
All in all, I can't see why today you wouldn't implement RV32I or RV32E instead, maybe leaving out the byte and halfword loads and stores.
RV32I is about as simple to decode, has barely any more instructions with just four basic formats (ALU, ALU-IMM/LOAD/JALR, LUI/AUIPC/JAL, STORE/Bcc) with the extra instructions made up simply of what operation is enabled in the ALU.
And you get the benefit of a huge and growing software infrastructure with toolchain, libraries, OSes and RTOSes.
It doesn't make any difference to your Verilog whether your registers and buses and ALU are 8 or 16 or 32 bits wide -- it's a few more LUTs and blockram/FFs of course, but no more lines of code.