all good, except it's less gap=more dwell, more gap=less dwell...
Single points are usually set at .017-.019", and all points have to obey the same laws of physics, so you should be fine at 16. It's a bit tight, but I doubt this is a daily driver that gets tuned once a year @ 12,000 miles.
The 3 things you simply need to watch are point wear, misfire, and coil temps.