What do do with 5 quarts of 0W-16?

Yes. I would expect the 5W-30 to take you to 304,000 miles. The OW-16 will go about 302,000 miles.

The answer will unfold as the 2023 and newer Toyota Corolla's that are speced for 0W-8 oil age and people drive them for hundres of thousands of miles. Will be interesting to see if they make it to 200k or 300k miles. If they do, then I'll be a believer in thin oils.
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go find a viscosity calculator, like https://olezol.com/mixing-blend-viscosity-calculator

Brute force how much 0w40 you need to make it the viscosity you want when mixed with the 0w16.

then go buy that amount of 0w40 Mobil 1, double check that it is SP and not old SN+

Thanks for the link.
I usually mix M1 w40 and w20 to get a w30 for my Toyota 2gr-fe. Using the "w" numbers is probably close enough for my application. But rather than using my typical 50/50 mix it looks like I should be doing a 60/40 mix. I've got a supply of these weights and need to use them up.

For your Toyota? It won't do the engine any harm given that Toyota has specced 0w16 for that engine. Use it and change it a bit early if you like. Why waste the oil once you bought it? The engine isn't made of cheese that it is going to fall apart if you use an oil that was specced for it instead of a heavier weight oil.
And if really worried about it, run it for the winter oil change.
I think the concept of mixing two oils that both rely on VM’s is not predictable - if I wanted to do that - ST HD30 is SP now …
(Make a summer brew) …
My last blend was a 50-50 blend of Mobil-1 EP Triple Action 10w30 and Mobil-1 0w40.
I've made blends like this since 1970. Had vehicles that I continuously blended for almost 280k - then the floorboard rotted with rust after almost 20 years - but the engine ran like new at the junkyard.
Thanks for the headsup.
I'm going to place my six 5qt jugs of Castrol Euro 5w40 for sale @ $10 a-piece on FBM.
Had such a difficult time trying to set-up an account and placing oil on sale there. I finally gave up trying..... mainly due to not knowing how to include a pic of the oil.

Same with craigslist. Very difficult for a not-so-knowledgeable web surfer to learn how to sell anything there. I should have aborted trying after they kept refusing my new password, unless I included about 14 different characters numbers and letter big and small.

Much easier to just take the 9 five quart jugs of Castrol Euro and Castrol Gold EP oil to a Purple Heart shelter and give it all away to them. Hope you find an easier way to sell those 0w16s.
If that’s manufacturer’s spec use it. I’ll bet you read something here or on that oil blog and now you’re spooked. It’s still approved motor oil, not Wesson.
If one of the world's most prominent manufacturers of long lived mild performance engines recommends the 0W-16 grade, then why wouldn't you use it?
The rest of your Toyota will be worn out long before the engine regardless of the oil grade you use.
This is not a bleeding edge BMW after all.
At this point the OP has spent more time with this in this post than the value of the oil :D. I sold a few 5 qt jugs no drama a few years back...some M1 15W50 I was going to try but decided to just go with good ole' 0W8. Porch pickup, leave the cash under mat, no eye contact. I sell crap like this all the time without issue.
I do the same thing, when the alternative is giving it away it's so easy. Plus you don't get hagglers, people are generally willing to pay asking price anyway.