While the 16ft Tracker was not a super heavy boat by any means, I think you would be sadly disappointed with a 40 jet on it.
The 50 horse prop was probably the smallest you would want to go with and even then you are talking about (practically) the bare minimum horsepower to get any kind of performance from the hull.
A jet is inherently "less powerful" than a prop job of the same horsepower. You lose upwards of 30% of your horsepower just converting your horsepower at the crank to thrust at the (prop) end.
So your 40 jet becomes the equivalent of a 30 horse prop motor - so unless you are looking for a "trolling motor", you should look at another re-power option.
The prices on package deals are only attractive (initially) because they provide the minimum of equipment and usually significantly under-power the rig.
Once you get it dressed the way it "should be", then you are up in the price range of all of the competition. I would estimate that we easily "re-power" 25% of all the packages sold in any given year because after running them for a bit the owners realize that, NO, a 25 on a 15 footer or a 40 on 16 footer is nowhere near enough unless you are going to use the rig all by yourself on very small water.
I suspect a good chunk of the rest sit around driveways/garages until the significant other makes them get rid of it.
Find the (tag) on your boat and power with "minimally" 80% of the max horse rating for the boat. If the max power is 90 horses then go with a 75 (90 x .8 = 72 horses minimum).
Otherwise, your boat will likewise, sit in the drive or garage until you are "told" to get rid of it because it's never used.