Can a DC12V0.8A cooling fan be replaced with a DC12V0.16A fan?

No.

The fan relies on sufficient airflow to dissipate heat, and the greater the airflow, the greater the power consumption.

A 0.8A fan consumes 12 x 0.8 = 9.6 watts, while a 0.16A fan consumes only 2.0 watts, so the airflow of a 0.16A fan is far from enough to dissipate the heat.