You should be able to get 2 min per side at 16 fps. Regular/Double/Standard 8 has 80 frames per foot, and there is about 25 ft of usable film per side - the film is about 33 ft long in total - so that is 2000 frames approx.
Remember to load and unload in subdued light, and don't let the film get loose on the spool.
Speak to whoever will be doing the video transfer about what frame rate they can transfer at, that is acceptable for your intended use. Do you have After Effects as well as Premiere? Do you want to play the movies on a computer only, or also on a television?