I'm running 16:40 (from 16:38) and the difference is noticeable, but not transformational. ...I couldn't go back though, as it's much better suited to town speeds, with better throttle control and smoother 90 degree cornering at low speed
I would also try 16:42 if I could be arsed, as it still goes plenty fast enough in top, but I'd be careful not to go any shorter and risk making first gear redundant.
Most people reckon that each tooth down on the front equals 2.5 up on the rear.
You may also need to reverse your spindle spacers to avoid needing a longer chain.