YES, this engine will work. I forget which type oil pan the 716 uses, but you can put your oil pan on the 716's engine if different. If the 716's oil pan is an "A" type, you can put your std oil pan from your 14hp engine onto it. It's when you go from a std oil pan block to a "A" style pan that won't work in most cases. But I'm thinking the 716 has the same oil pan as the MF14/16.
From my quick research, looks like the oil pan is the same, the electric clutch, fuel pump, carb etc can all be moved between the two. Looks like I may be back in the dirt sooner than later! Going to see it tonight probably. I'll report back later if I buy it. I'll make sure to run it and give it a go, check the oil colour etc before any snap decision!