I am not sure if I am answering your question. The L116-47 is the serial number of the engine. Based on its low number (116) I would hazard a guess this is an older engine. Maybe '58 or '59. You can call Lycoming and give them the serial number and they can give you the history. With an engine this old they will have to go their historical files.
As for the rest of the engine, you said it is an O-320 with slick mags. What is the rest of the model identification if any, such as O-320-A1A. You can find it on the engine's data plate that is on the engine. With that information you can lookup your specific engine.
Here is one location that has decoded Lycoming's codes.
http://www.meyette.us/LycomingEngineNumbers.htm
You can also go to the FAA site and download the Type Certificate Data Sheet that contains operational information for your engine.
https://rgl.faa.gov/Regulatory_and_G...l.nsf/Frameset
I hope that answers your question.