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This topic has been extensively covered in the past. Have a search through this particular forum using the search function and a whole lot of info is bound to show up. There is also a great tutorial written by a member on these forums in regards to the 4A-GE 20v swap. You can view it here:
AE101/102 20V Blacktop swap info
I recommend going for the 20v over the 16v since the 16v has around 130hp whereas the 20v has 160-165hp (depending if it's the silvertop or blacktop). The only reason I'd ever put a 16v version in my Corolla is if it was a 4A-GZE. In terms of the 20v dropping in, it has been done many times in the past and it utilises the same engine mounts etc, so the swap should be fairly straight forward.
Both engines have great potential however, but in my opinion the 20v is a much more practical choice