That would make sense, but the question is if the US would let them. India is a lot less "nonaligned" today than it used to be. And increasingly dependent on the West for arms sales. Plus, India is trying to build their own jets in increasing numbers. Tejas may or may not be underwhelming, but the Indian govt has ordered a lot of them in recent years. AMCA is also a major priority.
I suspect the AMCA program will fail to deliver on time and then India will be bullied into buying a 5th gen aircraft from the West, which basically only leaves the F35 as a realistic option.
Indian ego would not let the west actually control them.
I find it way more likely they'll get Su-57 in the end. Because they can request some modifications and pass it off as "joint India-foreign" pride project, whereas with F-35, they will be forced to show submission to America. Besides, it's a major risk for US to give it to India as well, because India is never 100% aligned with someone, and may even turn on a dime randomly.
Suppose China uses a bunch of espionage efforts, how easy wouldn't it to get blueprints/instructions or even pilfer a whole F-35 defector, given the vast gulf in living standard and economic means of coercion between the 2 countries? India would be the only F-35 country that is third world (besides Israel, but Israel is fully puppeted inside and out by US).
Although China may sell 5th gen to Pakistan, which is a country where US can relatively easily infiltrate as well, but the risk will be mitigated more, as the J-31 can be stripped down for export relative to J-35, while US doesn't have export version F-35, they will expose their own important fighters if the data is leaked.
The only time US could sell India F-35 is maybe if the F-35 is so cabbagized that's its no different than selling 4.5gen today. I.e. when PLAAF and USAF are on 6th gen.
But imho if that happens, India is more likely picking the cabbagized 5th gen of a non superpower major country, similar to how they picked Rafale for their 4.5gen. Either some future euro/france project or maybe the Korean kf-21.