The main problem would not be the telecining though, a 16mm print from the 80s would today be in a very bad shape, with scratches and dropouts and stuff. Okay, you could take the audio from the LDs (LPCM), but you would have to repair the video to a very high extend.
And also, the 1080p "resolution" of 16mm film is only valid to high quality prints. I doubt that a home theatre print would be that clean and sharp.