Based on our experimental measurements, our servo is capable of generating 34oz*in of torque.  The servo is able to rotate over a total angular displacement of 110 degrees.
With the addition of our counterweight, our lift arm is capable of applying a maximum torque of 59.2oz*in, since the counterweight weighs 2.4 oz and is approximately 10.5 inches away from the point of rotation of the arm.  The weight, at 16oz, is 3 inches away from the rotation point, opposing the lift arm with a torque of 48oz*in.  Thus, 48oz*in of the maximum torque are used in lifting the weight.  The percentage of the max torque used to lift the weight is 81%.
On the basis of conservation of energy in an ideal, frictionless environment with no deflection of truss, the servo is capable of lifting the weight 4 inches.  Including the potential energy gain from the counterweight, this ideal maximum lift distance is 5.4 inches.