You're considered overweight at the moment. I would bet a large amount of money that you will be injured within 2-3 weeks, especially if you're only thinking "quality".
http://www.nhlbi.nih.gov/health/educational/lose_wt/BMI/bmicalc.htm
I'm 6'3". Started running at age 40, 210 pounds. I did run/walk for the first 6 months (30 seconds easy jog, 30 seconds walking), plus an additional long walk everyday. Lost the weight quickly. Once I was down to 180, then started doing quality workouts.
It's been three years, never been injured. At age 43, I'm now 165. Shooting for 159. 4:34 miler, 16:22 5k.
If you really want sub-16, then losing the weight is priority number one. Go backpacking for a week or two. Walk constantly. Buy a Fitbit. Eat piles of fiber. Put a poster of Luke Puskedra on your wall. He's 6'4", 151 lbs at race weight. When friends/family start voicing concerns about your weight, then you know you're getting close to race weight.
At age 47, the next few years is likely your last chance for 16:xx. If you get injured, you have zero chance.
Take it slow, lose the weight first. Don't get greedy.