Hi All,
Sorry for late update but I have successfully gotten moodle 3.xx running on ubuntu 16.04LTS.
There are a few tricky parts to it but it isn't too bad, I'm going to reply here soon with the steps I took to deploy it.
I have had no issues at all so far with the installation and will be moving it to production shortly.
PHP7 does indeed seem to make a difference speed wise though, I can definitely recommend this upgrade.
Cheers
Rivv