That one probably should not be marked Model 16. If it was, it would be so-stamped inside the cylinder crane. Model marking did not begin until 1957, and I'm betting yours was actually made somewhat earlier than that despite the factory letter. Any markings of any kind inside the grip panels? Do not attempt to refinish them.

Am sure there would be substantial interest here on this site in purchasing your K32 should you wish to sell it. $2K should be easy to get, but you might wish to take some high quality and detailed pictures to show its condition better. By the way, yours is actually a 5-screw, not a 4-screw, as the letter says. 4-screw models began in 1955. But there is a little terminology confusion. Yours has a 4-screw sideplate, plus one other screw ahead of the trigger guard, so 5 screws and therefore Pre-55 manufacture. Post-55 manufacture models had 3 sideplate screws and one more, or 4 screws.