FTM 16 will overwrite your FTM version 8 or alternatively uninstall FTM version 8 then install FTM 16.
Of course you will make a backup of your file first.
In terms of patches and how well FTM 16 works in Windows 7, I suggest that you carefully read the article 2777 on the past FTM knowledge base at
http://pastftm.custhelp.com/cgi-bin/pastftm.cfg/php/enduser/...The PDF is unlikely to work correctly but you can use a third party PDF creator in lieu
JohnD