To decide if a replacement transistor will work, I often follow these steps, apart from choosing the correct NPN/PNP type:
A) Will it blow up? - Check Vcbo, Vceo, Ic and Pw
B) Will it work? - Check fT, Hfe, Vce(sat)
C) Will it fit? - Check pinout and physical package size
D) Is it available at a reasonable price?
Not all these data might be available for you to make a good comparison but the replacement part should equal or surpass the existing part characteristic in order not to release the magic smoke. Sometimes you have to accept different pinout or package because of part availability.
I looked at both the MM5416 & 2N5416, and 2N5416 is a similar part in (A) & (B) above and they are both TO-39. Don't know the pinout of MM5416 though.
Hope this help.