Glen,
I have recently used my 25 years old SB-16 with my D700 for a friend's formal party and the combo worked fine.
I used the SB-16 in Auto mode and the D700 in Aperture Priority mode. The camera detected the flash and set shutter speed to 1/60. At ISO 200 the SB-16 calls for f/5.6 and that was my datum point. I adjusted aperture slightly depending on situations.
As you know the SB-16 has a main and secondary flash heads. The secondary flash head acts as a catch light for the eyes but of course it creates a harsher shadow. I wish there were an on/off switch and clip-on ND filter for the 2nd flash head like on some old Metz potato mashers.
No surprise I much preferred the SB800 (on loan to my niece along with my D50 to explore photography.) The SB800 yields more accurate exposure and does it faster (feels like it as I didn't measure them) even without the 5th battery.
My advice is, since you already have the SB-16, use it by all means. But know that with a SB800 (or SB900 now,) there is a new level of speed, accuracy and creativity waiting for you.
Kevin --