The wood should be cut to rough length for the project you intend to build before jointing the edges, about 3/4" longer than finished size. A four head molder will not make a 16' board straight and will take a while to set up and will make all the board the same width and thickness, plus I think the wood has to be milled close before going into the molder. In other words I would wait to square it until you are ready to use it, then cut it to rough length. They should be at least 3 feet long so short lengths are ganged together. I can get wood planed for $0.10 per lineal foot but I hardly ever do that. You can buy a DeWalt planer for $400 at Home Depot; I had one, unfortunately broke the main aluminum casting while doing a favor for a friend so now I don't have a planer. I have been buying wood as needed for projects already planed and I have hand tools if it needs to be planed further. I live in Southern MI as anyone can tell since my location is in my profile. Your wood is probably a dream to hand plane.
[SIGPIC][/SIGPIC] "You don't have to give birth to someone to have a family." (Sandra Bullock)