Allen
If you do end up getting that 16 track i hope it works out well for you. It would no doubt be epic.
But, i urge you to consider the following things before forking out any money:
1. Tape cost. I know it sounds like not a big deal, but it becomes a big deal pretty fast. I dont know what your income level is, but i would assume that dropping 500-600 dollars for a 4 pack of 1" tape a couple times a year would be less than ideal.
2. Test tape. When you end up getting the test tape for your machine, it will not be cheap. The test tape will cost you about 300-500 dollars.
3. Repairs etc. If you eventually need the machine to be repaired, it is very large and bulky. Shipping it around wont be easy. If you ever decide to sell the machine, this factor might become a big hurdle as well.
4. Ease of use. I dont know what your work method is, but threading up a couple hundred dollars worth of tape every time you get an idea might not be ideal. You may end up just using your smaller reel to reel for ideas, and then realizing that you like how the original track sounds and wonder why you even need the bigger machine. This is something that may or may not be a problem for you, but i think you should at least consider it.
5. Noise. Do you live with room mates or parents etc? Im no expert but i assume that a tape machine of that size makes a pretty decent sounding "THWAK" every time you start or stop the tape. Not exactly fun to be dealing with that in the same room that the mics are in at 4 am while yer mom is beating on the wall because the tape machine is loud as hell when you press stop during rewind etc. I have never used a machine of this size. I just think you should consider what youll have to adjust in your method if the thing is loud during operation.
6. Tape fright. Yeah, its just like stage fright except it occurs when you thread your 200 dollar tape onto the machine and you get this feeling like anything you record has to be brilliant because the tape costs so much and the machine is so "pro". Expensive tape and big machines can subconsciously make you feel like you have to be making your Sgt Pepper every time you sit down to them (when you are new to recording on such machines). You may never feel this. But i certainly did. So i think its something to consider.
Thats all i got.
PS- Have you considered getting a 388 thats in great condition? Cheap tape, built in mixer, small size, looks awesome, and its been used successfully by a ton of great people in the past. If you need more tracks, and you dont want to deal with high tape costs, and you dont have alot of room, you might want to look at getting a solid clean 388. Personally, i think its right at the level you are at.