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The wheels will fit. Now whether or not it will rub against your fender depends on the tire size and whether or not you will lower your suspension. What size tires will you be fitting? Suspension mods?
I would recommend before you spring for 16" wheels, you check the tire availability in 16". I think you might find that there are plenty of smaller 16's available (205-225) but very few available in 255 or larger sizes.
I ended up buying a set of 17" ZR-1 style wheels for my '85 due to the lack of availability of decent larger tires in 16".