You may be right, however PAF would have been more dependent on western weapon systems. Moreover, M2K would not be free, whereas early F-16s were part of USAID.
F-16 induction brought number of revolutionary changes in PAF operations, strategies and training.
Furthermore F-16 also brought US Pressler amendment and subsequent spare and F-16 sale embargo.
This embargo gave a push to PAF commanders to seriously consider working on indigenous project - manufacturing of own fighter jet. JF-17 is the result of this motivation, and of course with Chinese help.