1.6mm wall is Schedule 5s 316 tube and the most commonly stocked (unless for very high pressure duties) and the thinnest. Schedule 80 is the usual highest wall thickness used at 4.85mm - there are higher wall thicknesses globally available. The Schedule / wall thickness needed depends on your davit structural design geometry including welded joint design (fillet or full pen), end bolted pivots etc including stress concentrations at holes and bolt grades, and the static strength working load limit you want out of it. Both of these are governed by what you are lifting and the reach out needed. If you are going to use it at the WLL more than 1,000 times then design for fatigue comes into it. Need to consider the centre of gravity of the load if it is offset to one davit - eg due to outboard on transom.
I bought one of these stick welders to weld 316 ss tube to 316 ss 3mm thick flatbar to make 6 normal stanchions and 2 transom stanchions which will need fore and aft and lateral 1/2 height bracing - 25ft yacht. Last welded 50yrs ago mild steel and did that ok - maybe well. ss welding these now is a complete nightmare. Can do a tack weld but not a good perimeter 2-3mm fillet weld without a heap of angle grinding and re-welding repeated 20x per stanchion joint. Nothing wrong with the welder or the stick electrodes I got from Bunnings. Have a $650 quote from a young bloke professional welder and will go with him - TIG must be the process used as regards strength and quality achieved.
www.bunnings.com.au/full-boar-arc-140-inverter-welder_p0253797?store=7334&gclid=EAIaIQobChMIpqnD3aaLgAMVOQx7Bx3UCAUIEAQYAiABEgJeX_D_BwE&gclsrc=aw.dsThe installation documents on that site don't indicated the bolt strength grade to be used. Normal 316 strength grade bolts are inferred - so around 4.6 grade strength. 316 grade 8.8 high strength grade Bumax A4-70 or 80 are available - Anzor will have them.