There are a few options for 16" barreled bolt guns and semi-auto's so from a ballistics standpoint there is already data out there. I think you'll be fine from that perspective. Muzzle blast will be an issue.
My only concern, and it may be unfounded is the legal length. I know that shotguns have a legal minimum barrel length, but they also have a legal minimum overall length. A barrel that would be legal on a pump would be too short overall on a single shot or double.
I simply don't know if the same law applies to rifles.