I have no idea how long a punctured cylinder will hold pressure in the inflator, but I wouldn't bet on tomorrow. I don't think there's any point in carrying anything but virgin, unpunctured cylinders with you.

What kind of bike? 16 oz. is enough to inflate a road bike to roughly full operating pressure. The CO2 leaks out much more rapidly than air, however, so you'll have to top off your tire the next morning. When you're fixing a flat on the road, after you install your new inner tube, carefully check both beads all the way around to be sure the tube isn't caught under the tire bead. Once you start inflation using the CO2 it only takes a second or two to inflate the tire so if you've pinched a tube there's no stopping to adjust the tire and start over.