With the instructions given here:
Setting up a Faderport in LV1
1. Start the Faderport in a MCU mode
2. Start Waves LV1
3. Under the "Setup" menu for "System Inventory" select the drop down for "Controls"
4. Select "Devices -> Mackie"
5. Assign the Faderport MIDI ports for Input and Output. (Faderport 16 will require "Device 2" to also be set up because MCU uses faders in banks of 8.)
....will Presonus Faderport 16 then work with all 16 faders and LCD for Waves LV1?