Some simple math will help.
EV can be thought of as a "stop". +2 stops over 1/160 = 1/40 (each stop is 1/2 the shutter speed of the previous).

If you set your camera on shutter priority, then the aperture (F stop) will change instead, so your shutter speed will be whatever is stable in your hand.

So if you start at F16 then 2 stops is F8.

Actually, you would not lose any image, you just would not use the whole sensor. If you are using a DX lens, then whatever is not vignetted is going to be recorded.

I replied earlier, but just thought of this "gotcha". If you are using one of the "pro" lenses with the manual focus ring that can be slid back for manual or forward for auto focus,
remember this: When you pull the camera out of your bag, once in a while the ring will slide while taking the camera out or in.
Then you will be trying to figure out why it will not auto-focus. Happened to me once and I spent a good 20 minutes trying to figure out if the camera or the lens had a problem.
I finally remembered the ring and sure enough, it was in MF. Gotcha!

I have the M1 (both the first and the MII). Stick with what you need at first - how to set ISO, shutter speed, aperture, etc., then build on it.
Remember that all Oly's have a "Super control panel". If you hit the OK button, you will see most of the controls you need to change on the view screen.
Use the joy stick to move from one to another and select it with OK, then adjust it with the joystick or rear dial.

After you have used it for a while, many of the things you change become second nature (you don't often change much while out shooting unless you are an inveterate experimenter).

My goto dials are the front dial for exposure adjustment (+/-) and the rear for aperture (or shutter speed if in shutter priority).
Next, learn the 2 buttons on the ON/OFF switch. Rear is AF and Exposure metering. AF is controlled by rear dial and Exposure metering is controlled by the front.
If you hit the front button, you can choose single frame, high or low speed burst, or delayed shutter release with the rear dial and HDR options with the front dial.

Those are good things to be familiar with up front, then, when you need to do more with the camera you can explore the books and videos.
Unfortunately, with any digital camera, you might not know the right question you need to ask when trying to figure out in a menu how to set something.
Ever hear of back button focus? You won't find a menu item for that, but you can do it - Google it and there are instructions for most every camera out there.

I am quite happy with my Olympus OMD-M10. $600 with lens at Adorama and it will take any lens made for M43 including those made by Panasonic.
It has a viewfinder, something that is not on a lot of other low priced mirrorless cameras.
It is my backup camera for my OMD-M1 when I am on a paid shoot and it is just so tiny that it is the one I grab if I am going for a walk or out on my motorcycle.

Gaffer tape over the switch. It is black so it doesn't jump out at you and it does not leave a sticky residue.
A pro photographer friend of mine pulled out a camera he uses at events and it was covered with little patches of tape for the same reason you stated.

Just import them with LightRoom.
A. In the Library, use the right arrow key to advance from first photo to next.
B. If you like it - do nothing except hit the right arrow again.
If it is a bad focus, bad composition, blank, whatever, and you dislike it - hit the X key (to mark as rejected) and then the right arrow.
If you hit X and change your mind, hit U to Unflag it.

C. When you get to the last frame, hit Ctrl-BackSpace
When LightRoom asks "Delete from disk or just catalog?" Choose Disk and you will be free of them forever.

No need to shoot the JPG/RAW and you save time by not previewing them.

Check out Kelby's books on Adobe LightRoom. Mine is for LR4 (where I started) but the only things that change over time are that LR adds features
or drops some you never even used. You can probably get a used copy for cheap or borrow it from the library.

I do recommend FastStone Image Viewer as a good way to look at raw. It handles everything I have ever thrown at it and I usually run it
while in LR so I can toggle back and forth to see the processed jpegs after I export them. I use it to move or downsize photos to Dropbox, folders I am creating for a project, whatever, and it is simple and reliable.

Very good point. I agree. I have given classes on how to get better photos with your phone or whatever, and I stress Composition, Lighting, Subject, and Post Processing.

There are few bad cameras out there nowadays. If you have at least 8MP, you can get a great enlargement (I have prints up to 24X30 from my Olympus E300 8MP) and over 20MP is nice if you are doing photos that will be printed - but are no advantage on a website. Beyond that, if you will be printing murals or billboards, you are using a lot of disk space for no real advantage.

There is way too much emphasis is placed on getting better pictures by getting better equipment. A 45MP picture using the highest quality glass, of a bad subject, in bad light, with poor composition and no post processing will not be any better than the same shot taken with a point and shoot 5MP camera.

Unfortunately, in my classes, people were disappointed to hear that they would not get better shots by spending more money.
They don't like to hear that it takes time (many years for me) to learn what is actually a good photo and what should just be stored in an archive never to be viewed again.

Listen to all the advice you get here and then rent the ones you put on your short list from LensRentals.com. When you do buy, you won't have buyer's remorse and you will be sure you made a fair assessment of the cameras.

Scott Kelby writes great Photoshop books. He has a book specific to Photoshop CC and his books on Photoshop Elements actually are usable with PS. Most of the same actions for Elements apply to PS. The elements books are great because they address specific actions you might want to take (paste in a person to a scene, clone out an object, etc) and you can just tab the book to get directly to what you need. I think the book on PS CC is similar. Go to your local book store and look through the Computer section (for some reason photography is buried in there).

Get it, or a cheaper, but capable, Canon body that you can use as backup. I recently bought a backup for my Olympus M1 - a very inexpensive OMD M10. It does not have all the bells and whistles of the M1, but is very capable.
On a shoot only months after purchasing the M10, my M1 shutter (over 80,00 activation at last previous check) blew up in the middle of a high speed burst catching coffee pouring for a client. I put the card into the M10 and verified I had missed the shot. So I put my lens on the M10 and reshot. Client was very happy and the ability to just continue as if this was no big deal gave her confidence in me.

I repeat - get it. You sound like you are in the same boat as me, and camera failure WILL happen someday.

I sort of subscribe to your methodology. By that I mean, if I am shooting BIF and need to keep the shutter speed above 500, I set to shutter priority and set the speed thus.
However, when I am shooting a waterfall, I will just stop down (aperture) until I hit the slow speed I need for blur.

I am a mirrorless shooter and I will chime in. I love my Olympus, but can think of only one real advantage -
when I take a shot, I immediately see the result, so I don't ever have to chimp. If the image is grossly underexposed, I see
black in the viewfinder for 1/2 second (my choice - you can choose to not see the result or see it for much longer).
If eyes of the subject were closed, you see it. If the flash did not fire, you see the black image. It is one very real advantage.

After that, I think the advantage is for the manufacturer - eliminating the mirror makes the design simpler and cheaper.
That said, the simpler mechanism allows for much higher burst speeds. So there is a measurable advantage.

Lenses are different, so you need adapters to use legacy lenses. In my case, the legacy lenses don't focus as fast or as well as the ones
specifically designed for mirrorless. My choice was to simply switch to the best mirrorless glass, but I was not going from a great system
where I already owned good glass to another, so the expense was justified.

None of the mirrorless makers will like my opinion, but if you love the camera you have, and it works well for you (and the slight advantages in
weight of a mirrorless don't matter), just keep shooting what you have. To be absolutely certain before you go and spend big bucks on a new system,
rent one with the lenses you would choose, as well as an adapter to see how well your present glass works, before you buy.

I don't shoot Nikon, but I will chime in from experience, growing with my camera.
My vote is for the less expensive, but very good quality, APS format cameras. It will save you money and
you can decide over time whether your style of photography can be improved by going to full frame. You will
also save your back by not carrying the heavier equipment.

You won't get a better shot because you have more pixels. Your first order of business is to identify good subjects,
great light, good composition, and how to post process the images. You can get great photos with any camera, but
the photographer is the key - the camera has little to do with it at first.

Post processing is key to good photos - it will be a while before you get the perfect crop at the moment of the shot, and you will almost never
capture a photo that doesn't require some manipulation by dodging and burning, contrast adjustment, sharpening, etc.

At some point you will begin to miss shots because the camera - not the photographer - screwed up. But with most modern
cameras, focus, exposure, white balance, etc. are all good. Initially, your ability to set the camera up for the situation you are shooting will
limit you long before the camera itself limits you.

When I began to realize my camera was my limiting factor is when I upgraded, and I am glad I did. But, it was only after years of shooting
that I began to get better than my camera.

By the way, I have made 24X36 prints from each of my cameras - 8MP to 20MP - and on the wall, no one can say which was shot with the lower pixels or the higher.

I hope that helps and saves you money.

I will throw in my 2 cents as a long time Olympus shooter and owner of both the EM1 and the EM1 II.
The mark II is a big improvement over the EM1 in several ways - better noise control, quieter shutter, and has 2 SD card slots.
In either case, pay for the good glass. I have the F2.8 12-40MM, the 2.8 40-150MM, the F2.8 7-14MM, and the F1.5 45MM lenses and love them all.

Need shallow depth of field? The faster glass helps, but with the crop factor, F2.8 is not the same on the Olympus as on a full frame (not as shallow).
Solution? Use a longer lens and get further back. You can get great portraits with the 12-40, better with the 45, and really control the DOF with the 40 to 150.

Shooting lots of landscapes? The DOF challenge is in your favor here since you can use a larger aperture and higher shutter speed (don't ask me to get technical,
but think of how much more depth of field you get with a small sensor phone camera compared to a full frame).

The lightness is definitely good, but good glass weighs more no matter what, so if you have been shooting a Rebel kit with kit lens and you move up to what I have, you might not notice
the lighter factor. However, comparing the EM1 II to a higher end DSLR with quality glass, you will not be disappointed.

You can check out some shots I have made at www.RonD-Photography.SmugMug.com - all photos were shot with Olympus cameras (E330, E620, PM1, EM1, EM10, and EM1 II).
On my wall I have 24"X30" (approx) photos from each camera and am happy with all of them.