Typical commercial brass may not last very long in this application.***
Load wise, get some 4895 and start with a moderate load like 39 grains or so. If you were using a standard length barrel I'd say work up until you hit accuracy pay dirt in the vicinity of 2550-2600 fps. You'll be approximating LC Match ammunition.
If the ~25 fps per inch loss I see across my 308's holds below 20" (the shortest I have) you'll lose about 150 fps with the 16" barrel.
*** Added: Look for brass manufactured to "milspec" for 7.62x51 cartridges. You'll want the heavy stuff with the thick case heads.
Last edited by mathman; 03/12/17.