Both I think.
If I was in the PAF, I'd even look at used -15's. Japan and Saudis are about to retire like 200 of them. But even -16's in numbers isn't bad. 120 / 150 F-16's (new and used), with 150 JFT block II and 100 JFT block III's, with 60-80 J-31 and potentially 60-80 J-11's or 16's for the Naval role, supported by home built AWACS, two tiers of long range SAMS / area denial systems would pretty much complete the defensive posture for many years to come. This would be about 500+ jets and a heck of a defensive force!