Ok, from briefly scanning the article, it should work on the Teensy, and you would need 1 digital output pin per sensor. I2c is a shared bus where each device has an address, and the master puts the address in the request, and only the device that matches the address will respond. The 'trick' is that the sensor has one pin that can switch address from 0x68 to 0x69, depending on whether the address is high or low. Normally this would mean would only be able to have 2 devices on the i2c bus. On the teensy 3.1/3.2/LC, you have 2 separate i2c buses, so you might be able to only support 4 devices normally.
You would use digitalWrite on all of the pins controlling the address, writing LOW to the one you want to talk to, and HIGH to the other devices. This means the one device you wrote LOW to will be address 0x68, and the others will be 0x69. You only send out commands to 0x68, so only the one device responds. Then you turn that wire to HIGH, and set the next one to LOW, and read that.
Now, i2c buses are meant to be fairly small, and whether you would be able to cram all 16 devices onto the same bus without getting electrical interference, I dunno.
As Frank B mentions, an alternative is to use an i2c multiplexer such as:
https://www.adafruit.com/products/2717. This particular device can multiplex 8 different i2c buses. Since the sensor normally only has 1 address bit, you could put 2 sensors on each bus on the multipexer, or 16 devices per multiplexer. As I mentioned, recent Teensys now have 2 i2c buses, so using 2 multiplexers, you could potentially have up to 32 sensors on the Teensy without using any additional pins to control the address.
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The article you posted mentioned using a voltage divider on the Arduino to get the data pin voltages down from 5v. Given the Teensy runs at 3.3v, you probably don't need a voltage divider on the Teensy.
However, if you were planning to power the sensors from the Teensy 3.3v bus, be sure to calculate whether the Teensy can supply enough power to power all of the sensors and your communication devices. You might need an external voltage converter to convert to 3.3v to supply enough power (Teensy 3.2 should be able to supply 250mA, the 3.1 185mA, and the LC 120mA).
Another thing to consider, the i2c bus is a sequential device. If you have 16 sensors, by the time you've read all 16 devices, some period of time has elapsed, and so the last sensor will be at a delta from the first sensor. Whether it is enough to make a difference, I dunno.