Hi I’m new to the forums and I have a selectone in my collection and I was wondering if 16 gauge wire would work or should I go to a lower gauge?
Any gauge of wire should work
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Yeah just about any gauge of wire will work for almost anything in a hobby system. 14, 16, or 18 gauge are all fine. @Johann used freaking CAT 5E on his system some years back, that stuff is thin, but worked for testing.
To be clear, I’m not recommending CAT 5E… In short: 16 AWG wire is fine. 
Yeah I don’t think a cat 5E would not like 120vac lol
If it’s a 120VAC SelecTone, you can remove the transformer on the back of the speaker and the unit will operate on 24VDC. I have a SelecTone 50GC that I converted from 120VAC by removing the transformer.
Also definitely do not recommend any CAT5 or CAT6 type cables for anything more than testing. It’s difficult to strip without breaking and will easily fall apart with repeated movement. When I used it on my system, I would constantly restrip it because the leads would break off nearly every time I changed out devices. Thermostat wire is a good substitute.