Yes, you can run 16s w/o much issue on an otherwise stock Fiero, even 17s and 18s if you follow a few of rules.
1. Keep the section width the same as stock (205,215 or 225).
2. Reduce the profile by 5 for every 1" of wheel diameter increase. So if you run 60 series tires on 15's, run 55 series on 16, 50 on 17 and 45 on 18. It is best to look up the specs for your current tire sizes to get the diameter of the tire and/or rotations per mile. You want your new 16" tires to have the same diameter/rotations per mile to keep your speedo accurate.
3. Keep the offset of the wheels as close to stock as possible.
When you start changing the width, offset and section width it is easy to run into clearance issues, but there are lots of options that do fit. Going to coilover in the rear increases the combinations that will fit.
[This message has been edited by fieroguru (edited 02-02-2019).]