If I cut the distance of light to subject by half does that reduce my exposure by 1 stop? For example, if the light is at 10ft and I bring it closer to 5ft, will that reduce my exposure from f16 to f11?
That would be fairly accurate for a small light source.
If you are using a large umbrella or softbox, however, then there would be much less change in exposure when moving the lights.
The inverse square law (which your assumption is derived from) truly applies only to a point source of light.