First off, if you want the 1/32 Tamiya kit it's $142 at Scale Hobbyist (they are usually cheapest if they have the kit you're looking for).
http://www.scalehobbyist.com/catagories/Model_Aircraft/f-16cj-fighting-falcon/TAM00060315/product.php?pg=1&ppp=48&sb=stocknumber&so=a&kw=f16&sc=32
If 1/32 is your first choice and you don't care 100% accuracy I would consider an Academy kit, though I'm not sure that they box a CJ version.
The pro's of the Academy is that you can get it for a bit cheaper. The pro's of the Tamiya kit are that it has Tamiya on the box. You're not paying extra for the engine...you're paying extra for the engineering. The kit is going to fall together. If it were me I'd go for it basically OOB with a resin seat...and perhaps PE interior bits from Eduard.
A 1/32 F-16 isn't that big itself...but it's all about what you want. The Tamiya 1/48 Falcon is equally good as the 1/32. Frankly, I think the 1/48 jet market as a whole is better all around....most 1/32 modern jets on the market are poor and poorly supported in the AM world....so if scale continuity is important I'd consider 1/48. If you just want an all out balls to the wall Falcon...Tamiya 1/32
Of course in the end pocketbook is the biggest deciding factor for a lot of people.