Pat is correct, raking your mast aft has a number of advantages. Primarily, it helps the boat point higher into the wind. It also reduces the likelihood of a pitchpole, by reducing some of the lift up high and taking some of the pressure off of the bows. The 16 is a boat that really prefers a lot of mast rake because the asymmetrical hulls do not "grab" the water as well as daggerboards and therefore don't let the boat point as high. In general though, the convention is to rake more forward for more power and less pointing ability, which is more necessary in rough seas, heavy crew weights and/or light winds, and rake back for less power, more pointing ability, and to make the boat a little more manageable on flat seas with light crew, or in heavy winds.
The biggest thing would be just to experiment with it and see what the difference is, or how it feels to you. I believe Hobie changed the rigging slightly in 1989 to allow for more mast rake (they did for the 18, at least), but before that came out, H16 sailors were still raking their mast aft. Actually, the reason for the new rigging is that sailors were maxing out their old rigging (most aft rake) and still wanted/needed more! You can rake the mast just fine with whatever rigging you have, but when you replace your rigging you may need to replace the adjusters as well, or you may find the shrouds are too short. If your rigging is still the original style, it's probably long overdue for replacement anyway!
With regards to the rudders - As you rake the mast aft, you increase the "weather helm" of the boat - the rudders will have to pull harder to keep the boat from going into irons, which can lead to more "pull" on the tiller. If it's too much, you'll probably want to either reduce the mast rake, or change the rudder rake. On the older style boats, this meant re-drilling rudder holes. On boats with the newer rudder castings, it's a simple adjustment. If it turns out to be a problem, I'd recommend just reducing the mast rake, to make it simple.
If you're curious about other adjustments to your rig, I'd encourage you to pick up a book about catamaran tuning or racing! You'll learn a lot, and it'll help your sailing ability immensely! Specifically, I like "Catamaran Racing for the 90's." Even if you're not into racing, the book's primary point is explaining how to rig and sail your boat to go faster - who doesn't want that!?