Your original size should be 175/65/14. Hence, when you upsize, the ideal sizes are as follows:
185/55/15 - diameter difference is 0.27% bigger
Some ppl say that 185 does not give enough control, hence, they prefer wider tyre. Hence, the upsizes are:
195/55/15 - diameter difference is 2.1% bigger
195/50/15 - diameter difference is 1.23% smaller
With 55 series, you get more comfort but 50 series gives you even more precise steering control and feedback but ride will be bumpy. Both these tyre choices are plenty, esp for performance series like Michelin PS3, Goodyear GD5, Hankook V12, etc
Now, your choice of 195/50/16 means that the diameter is 3.05% bigger and most websites will advice to keep to the 3% rule. Also, there are not many choices of tyres available and also, 50 series may be a bit bumpy compared to your current 65 series and using 16' rims will definitely increase your FC due to heavier rims, unless you use light weight rims which may cost a bomb.
My personal suggestion is the 185/55/15 as you can get performance tyre like Michelin PS3 but of course 195/55/15 means a wider selection. Lets wait for the Master VR to add on.