Justin,
To decide what is right for your project get a copy of Machinery's Handbook and look at the thread tables. You do not need to limit yourself to 16tpi it could be 14, 18,20 depending on what you decide will work and what taps you want to buy.
Your first tap needs to make a cut in the over size hole- to get an idea of how much it will cut look at the engagement tables in Machinery's handbook. Machinery's handbook is widely available for 10 bucks. Older editions are better for a blacksmith like you.