. . . . I would like to export a video story created in PhotoStory Deluxe to Vegas PRO 16 for additional editing. Can I do this? . . . .
Without clarification of specifically what you mean, ie assuming you mean 'Can I import the project file into Vegas Pro?' then the answer is No.
The project file formats are not compatible and Photostory does not have the capability to export to a project format that Vegas Pro could import..
However you can export the Photostory project as a finished video file in a format supported by Vegas Pro and then import this for further editing. The only issue with this is that any effects, transitions etc are baked into the video file and cannot be changed.
IMHO you would be better of creating the project in Vegas Pro and forgo using Photostory.
As an aid take a screen shot of the Photostory timeline in Timeline mode and use this as a reference to recreate the project in Vegas Pro.