Unlikely. Pistols moved from B to C are not usually allowed to be moved back. That said, some have been able to do it, like a lot of what goes on around our licences, it seems to be at the discretion of your local AO. For what is effectively a deconstruction of a machine gun, I seriously doubt it would be entertained.
As an aside, any FA M16 is quite likely to have been flogged to death and probably make the shooter uncompetitive in Service Rifle on the range.
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