Actually, you can fly model aeroplanes anywhere you like. There are certain areas where it is daft to do so, such as on the short final to Heathrow. Having said that, there are aeromodellers who fly within the circuit of Farnborough.
I'm pretty sure that about 20 years ago somebody flew an RC model across the Channel controlling it from a helicopter. So from a legal standpoint it can be done but to be completely safe you may need approval from the CAA.
There's probably some law such as 'reckless endangerment of an aircraft' that the CAA's lawyers might use against you should it all go tits.
From a not getting into trouble standpoint, you should do this where nobody can see you. I.e. a private strip or something like it.
From a practical standpoint, your F16 should be of sufficiently low intertia that should it go through your windscreen, it won't kill your pilot. It should also be able to manage a speed comparable to what you'll be doing.
Also, there may be things in the big aeroplane that interfere with your RC transmitter, so test that first, with the engine running.
Good luck, and try not to kill anyone!