There are a number of ways to go. But I think 6 guides. You can go as you said but the 6th I would go 12 and then a 16 tip. You can also go 16 plus the 16 tip or even 12 guide 12 tip.
You can also go 40 HH , 30 , 25 , 20 , 16 , 12 16 tip. For the704 reel , I guess I'd go 50 but for most more modern reels with tapered spools , I'd go 40 HH.
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