First figure out the total number of cubic feet of substrate you need. Multiple length x width x height, make sure the units are in feet. Your tank is 16" wide, this is 16/12=1.25'.
So if you wanted 3" deep substrate, 3/12=0.25', you'd need:
5' x 1.25' x 0.25' = 1.5625 cu. ft. total substrate
If you wanted 6" deep substrate, 6/12=0.5', you'd need:
5' x 1.25 x 0.5' = 3.125 cu. ft. total substrate
etc.
Add up the total number of 'parts' in the recipe you're using, for example (taken from here):
2 parts fine fir bark ( sometimes seen as "orchid bark" in the list of ingredients)
2 parts fine tree fern fiber
2 parts milled sphagnum moss
1 part fine charcoal
1 part peat moss
Has 8 parts (2+2+2+1+1). So 2/8= 1/4 of the recipe will be orchid bark. 1/4 will be tree fern fiber. 1/4 will be sphagnum. 1/8 charcoal, and another 1/8 peat.
Take the total cubic feet of substrate divide by 4 to get how much orchid bark, fern fiber, and sphagnum. Divide by 8 to get charcoal and peat. It's generally best to buy too much rather than too little, even doubling what you think you'll want won't hurt. Any excess can be used on your next tankor for potting plants you're propagating.
You can save on the charcoal by using hardwood lump charcoal designed for bbq's coupled with a hammer for smashing it. This is messy though (dusty), and if you go this route make sure there are no additives to the kind you get (lighter fluid for easy starting will be the most common).