The TP16 MkI w/ Magnesium headshell is somewhat underrated for a vintage arm imo but would need total rewiring to really sound its best at this point. It used good quality horizontal bearings and at med. 16.5g eff mass is compatible with alot of carts. Only thing is the headshell is a bottom mount only which can be a pain in the neck.
As for total arm mass, compared to say a RB300, I don't think its much lighter but could be wrong? The suspension springs on the TD160 are also adjustable, so a little weight variance in arm should be of no consequence.
My experience is the opposite of the poster above in that the RB300 at 11.5 grams eff mass being a med mass arm is compatible with a broad range of cartridges, cart mounting is also a breeze. I like the sound also but prefer a modded/upgraded RB251 over a RB300 anytime.