First off, pretty much the only difference between the two is that 316 has ~2.5% Moly, so you can definitely weld the two.
Since you're using the L (low carbon) versions of both grades, sensitization shouldn't be a problem, and therefore corrosion resistance and other properties of the weld metal should be at least equivalent to the 304 base metal.
What welding process are you using, I'm assuming GMAW or GTAW? If GMAW, are you using any filler material?