We did one of these a while back. Had 16 people in it but only did single elimination. Finals for 1st/2nd was best of 3. (last four actually played semi-finals first, then losers played one game for 3rd/4th while winners played the best of 3 for 1st/2nd). After first round, the 8 that were out started a SNG. Once round 2 was over, the four eliminated players split up two to a table for the next round and functioned one as the dealer and the other as a shuffler. That really helped with keeping hands moving with a lot of folding. Plus the SNG was still going so they had nothing to do anyway.
Just make sure you have enough decks to cover the games but otherwise it went off pretty smoothly really. The biggest issue is having people sit around between matches waiting for others. If you're going with double elimination, I'd suggest having the entire bracket posted and move names after each game. Then let people sit and start that next match as soon as they are paired up with someone. Doing this could be tricky with timeclocks and blind levels though. But double elim with 16 could have you playing for many hours.
Feel free to post your blind schedule too. I'll see if I can find ours and we can compare to optimize it.