Two Different Animals
416 is a Martensitic Stainless and 303 is an Austenite Stainless. That means 416 can be heat treated to a specific strength level, 303 cannot.
303 was developed as a reasonably free machining Stainless that possesses high resistance to corrosion. In my opinion, it is pretty easy on tooling, but nothing like 416R.
We use 303 around our shop quite a bit, mainly for steering parts, (pins, bushings, etc), for tug boats. High RPM and TiN inserts give good finishes, and it polishes up quite well.........jackie