As far as sr16ve's go they are dimensionally exactly the same as a sr20ve, same bore, essentially the same block just short stroke.
I can't say whether it will turn rwd easily as i think the mounts are in completely different places.Plus as you say, the distributer is in the way.
Its easy enough to adapt a CAS but the solenoids that activate the cam switching are quite large on sr16ve and early sr20ve so even if you moved the dissy the solenoids are still quite large. There is a picture in the photo album of a sr20ve in a fwd which will give you a visual idea of the size of everything and where the mounts are.
finally go to
www.sr20forum.com they have a whole section on ve's which will be very helpful.
But if you want to do it and have the money then go for it :)
Nick