imagery - Scale 16 bit to 8 bit within range using GDAL

I am looking to scale a 16bit unsigned tiff image to an 8bit image using GDAL (OSGeo4W). However I want to constrain the pixel values so that they stay within the range of the 8bit imagery. What I mean is, I want to ensure the visual proportion in the 16bit image is represented in the 8bit image (0-255). Using gdal_translate to convert from 16bit to 8bit cuts the pixel values and does not produce a RGB image. I am unsure of what function and setting to call from within gdal_translate, or if there is a better option.

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GDALINFO

C:\>gdalinfo C:\Projects\Stormwater\ForPCI\images\1537TORO_6cm_04761_RGBI.tif
Driver: GTiff/GeoTIFF

Files: C:\Projects\Stormwater\ForPCI\images\1537TORO_6cm_04761_RGBI.tif
Size is 17310, 11310
Coordinate System is `'
Metadata:
  TIFFTAG_DATETIME=2015:05:03 12:27:13
  TIFFTAG_IMAGEDESCRIPTION=UltraCam-Lvl03
--------------
CAM_ID: UC-SXp-1-50215465 [3]
IMG_NO: 4761
RECORD_GUID: 8fc3d7a9-d2e5-40e5-babf-939f1f803dcf

IMG_GUID: C850D0A4-39CA-4BC8-ACD7-81A363D78C6E
FILE_GUID: 86C4F8E4-A2FD-43FB-B3B1-4C4ED8DF0E42
LICENSE_ID: 820342819
SOFTWARE: UltraCam Aerial Radiometry Core 12.6.1408.2501
PIXEL_SIZE_WIDTH: 6 [micron]
PIXEL_SIZE_HEIGHT: 6 [micron]
APERTURE: F_8
EXPOSURE_TIME: 0.002000000000 [s]
HIGH_ISO_MODE_CAPTURE: off
HIGH_ISO_MODE_PROCESSING: off


----- Inner Orientation -----
PRINCIPAL_DISTANCE: 100.500000000000 [mm]
PRINCIPAL_POINT_X: -0.000000000000 [mm]
PRINCIPAL_POINT_Y: 0.180000000000 [mm]
SENSOR_AREA_WIDTH: 103.860000000000 [mm]
SENSOR_AREA_HEIGHT: 67.860000000000 [mm]
-----------------------------

----- Exposure Annotation Data -----

MID_EXPOSURE_CORRECTION: 0.000762000000 [s]
FMS_SENSOR_CODE: UCXp
FMS_CAMERA_PORT: 1
FMS_EXPOSURE_NUMBER: 4761
FMS_PROJECT: 1537TORO
FMS_AREA: 1537TORO_6cm_6030
FMS_LINE_NUMBER: 47
FMS_SEGMENT_NUMBER: 1
FMS_WAY_POINT_NUMBER: 0
GPS_DATE: 150412

GPS_TIME: 162517
GPS_LATITUDE: N43.745319 [degree]
GPS_LONGITUDE: W079.358953 [degree]
GPS_ALTITUDE: 1159 [m]
GPS_POSITION_SOLUTION: GPS
GPS_TRACK_OVER_GROUND: 73 [degree]
GPS_ABOVE_GROUND_LEVEL: 1008.7 [m]
GPS_GROUND_SPEED: 80.4 [mps]
------------------------------------


----- Level-3 Parameters -----
IMG_TYPE: High resolution multi channel RGBI
ROTATION: 0 [degree]
------------------------------------
TIFFTAG_RESOLUTIONUNIT=1 (unitless)
TIFFTAG_SOFTWARE=UltraCam Aerial Radiometry Core 12.6.1408.2501
Image Structure Metadata:
INTERLEAVE=PIXEL
Corner Coordinates:
Upper Left  (    0.0,    0.0)

Lower Left  (    0.0,11310.0)
Upper Right (17310.0,    0.0)
Lower Right (17310.0,11310.0)
Center      ( 8655.0, 5655.0)
Band 1 Block=17310x1 Type=UInt16, ColorInterp=Red
Band 2 Block=17310x1 Type=UInt16, ColorInterp=Green
Band 3 Block=17310x1 Type=UInt16, ColorInterp=Blue
Band 4 Block=17310x1 Type=UInt16, ColorInterp=Undefined