In the case of the the M16A2 vs AK74/AKM I'd say the M16 is good for medium range outdoors combat. AK iron sights are crude and hard to use. However the AK has full auto, so if you get into that swarmed mode you can spray and pray. I might use the AK in close quarters, plus you have a chance to find ammo in firehouses, but if you are good at sneaking onto bases and lurk the forests, take an m16 or a civy weapon.
The AKM is perfectly accurate in single shots and has zeroing for a range up to 800 metres while the M16A2 has a range of about 300 metres. Sure the ironsights are rather crude but with some practise you can actually hit things and a single hit is mostly a kill with the AKM.
It's not as hard to use as people think.
The ammo and the gun itself commonly spawn in deer stands as well so you won't have too many problems with ammo unless you go full auto all the time.
2 hit and 1 hit kill is a big difference - if you only hit the body of a person / zombie you get 15 kills with a single M16A2 mag while the AKM mag grants you 30 kills maximum on body shots.
The only real downsides of the AKM are the rather loud noise and the ironsights - at least for most people.
So yeah I'd take the AKM instead of the M16.