I am a fan of playing rebuy tourneys, as it allows for deeper stacked played and you are only raked on the inital buyin.
My rebuy strategy is to always late reg to the max and just take the addon so I am spending as little as possible and taking advantage of free equity in the prize pool since I am not rebuying.
In rebuy tourneys, as long as you are comfortable playing short stacked right away, I feel max late regging and just taking the addon is the most profitable strategy. As I said above, it allows you to not spend a lot and the amount you're paying in comparison to the prize pool divided by the # of entrants gives you a nice advantage and sometimes even 3x your buyin for a mincash. There are also players who will have busted out before the addon period so the field you have to navigate through is smaller. In addition, your time investment is not very big, especially in turbo rebuys.Sounds like worth trying... However in this case you find yourself with really short stack against an average. And you have to double several times in a row just to come up to an average. Does it work? Trent32la, are you profitable? I mean rebuys tourneys only, not overall.
Also, starting a 16 BB stack isn't as bad as you think. It's not that different than starting with a 100 BB stack and getting knocked down 16 BBs. You just adjust your play and go from there.