That is a Forged lower, not cast.
EDIT: In picture 4/5 of the link provided you can clearly see the seam from the forging process. On some of the older rifles such as sendra or Oly Arms they did not sand the seam, likely to save on cost to be competitive with colt. Also, cast lowers tend to be more boxy and will have raised letters not stamped or engraved.
The RR youre looking at has a full fence and is of the A1 design, honestly it looks pretty good. The anodizing will fade on a gun 40+ years old, not to mention the anodizing back then was not of the same quality seen on modern AR15s today, if you find a RR with mint finish it is either a safe queen never fired in which case you will be paying more than $16k or it was refinished, which does not hurt the value on a non-colt conversion rifle. Its very common for non-colt RR to have spec issues, the most common are the top deck and rear radius being to tall, front of the mag well rubbing the upper and tight mag wells, a quick trip to a gunsmith can resolve all of those issues. Try M60joe or USAnodizing. OThe spec issues were common because Colt never released dimensions for their rifle so competing companies just measured the Colt rifles and tried to replicate it so early models had minor flaws. Pay a gunsmith $500 to work on the rifle and you can save $5-10k compared to buying a Colt.
As for the take down pins being tough, that could be the RR or it could be the parts, i know my M16 was shipped with the worth possible parts possible. Unless its a colt with all matching parts most people strip the lower and rebuild with all brand new mil-spec or better parts.
IMO $16k is a very good deal, the very bottom of the price range right now. M16s non-colt RR are going up in value about $1k a year so i wouldnt wait to long, FWIW when i first realized you could legally buy a MG like 10 years ago an M16 was about $8k
Transferable M16 machine guns and estimated market values:
RLL $13-15k
RR AR15 Auto Conversion $16-19k
RR Colt M16 & M16A1 $21-26k
RDIAS $22-28k
RR Colt M16A2 $28-33k
Websites to watch for good deals on machine guns:
http://www.sturmgewehr.com
http://www.shootersdepot.com
http://www.atfmachinegun.com
http://www.autoweapons.com
http://www.impactguns.com
http://www.subguns.com
http://www.onlythebestfirearms.com
http://www.davidspiwak.com
http://dealernfa.com
http://www.gunbroker.com
http://www.nfasales.com
http://www.classiiidealers.com/
http://www.westernfirearms.com/
http://www.urban-armory.com/
Website that tracks machine gun values:
http://www.machinegunpriceguide.com/