Pinning down flyaway unit cost on any aircraft is difficult, but you sure as hell aren't getting three F-16Es for one F-35A. F-35As in the just completed LRIP-9 had a flyaway cost $102 million each, Bogdan has said LRIP-10 will be 95-95 million, with eventual 85 million in full production. I don't know the unit cost of newest F-16 (I'll look later I think UAE bought some recently) but latest F-18s bought by USN were 78 million each.That question is the exorbitant cost worth it? I say no. If the pilots were informed of how few were able to be flown they probably would rather have three Block 60 or 61 F-16's that they will actually be able to fly, for the one F-35 that will be spending the majority of its time in the hangar.
The plane is only in initial operating capacity, we have no idea what reliability will be so you're basing part of your argument on unfounded conjecture.
All up cost for a Block 60 is 55 million (it helps that over 4500 of them have been built) The best estimate for the F-35 is 176 million. So a little bit better than 3 F-16's for one F-35. Numbers don't lie.