It depends on what the heavier weight oil was. Many types of hydraulic oil mix OK. If was a compatible hydraulic oil, 16oz isn't going to change the overall consistency in the reservoir much.
Still, it isn't a bad idea to change the oil and filter on a used tractor unless the tractor's history is well known. I'd guess that the hours on the oil had been pushed on my used tractor, and I also got a piece of rubber boot in the oil when I changed mine.
Drain plugs usually are pretty obvious, but there may be more than one. If it's a HST, the screens should be cleaned, and they may not be obvious. You probably should get at least an owner's manual before launching into this stuff. You'll also need to know details about greasing, various preventative maintenance routines and periodic adjustments.
The main thing about changing hydraulic oil is to have a drain pan large enough to contain all the oil or a plan to swap drain pans. The other half of changing oil is filling it back up. Hydraulic oil is commonly sold in 5-gallon pails (some dealers also carry 2.5-gallon ones). It's really not fun to try to balance a 5-gallon pail on the tractor, support it and try to pour oil through a funnel. I have a pump that is built into a lid that replaced the top on a standard 5-gallon pail.