I've ran both and have similar set up to You. Yes You can feel and hear the difference.
It really comes down to a personal preference. Think of it like driving a manual transmission. The lighter the weight, the longer Your leaving it in a gear before You shift. with 14's compared to 16's You will rev higher which is great for take off, but it gives You higher cruising RPM's. I prefer the 16's on mine , but I have 26in tires. Your heavy 27in would make me lean toward the 14's, but then if You cam it, I think the 16's would be better.