that size will fit. its basically a slick with treads cut in it for d.o.t.
you can sqeeze a 26x11.5 et street in there as well, but depending on your camber you may have to roll the fenders a little. most ive seen do not have to though.
as far as a full on drag slick such as a mickey thompson et drag, the sizes available for a 16" wheel are either way to big/wide, or are much smaller than an 11.5 et street to make it worth it.