In your example, you are not converting anything: all what you do is to cast a pointer from (uint16_t*) to (uint8_t*).
So if you read from your casted pointer, you simply will read from the MSB.
if you want to read the lower 8bits of a 16bit, you simply can do someting like
uint8_t val8u;
uint16_val16u = 0x1234;
val8u = val16u; // implicit cast, val8u will be assigned with 0x34;
If you want the upper bits:
val8u = (val16u>>8); // shift and implicit cast, val8u will have value 0x12
I hope this helps,
Erich