It doesn't matter how we calculate or determine "combat power", or what other factors we include under its umbrella, as long as we apply both to the F-16 and the F-35 (or any other compared platforms). If all these factors are the same, but one aircraft costs X amount more than another aircraft, then in order to be cost effective that aircraft must also see a proportional increase in its combat power.
The problem is, all those factors are not the same. Comparing numbers of platforms is going to lead to bad analysis. Comparing platforms in a vacuum also leads to bad analysis. Just look at the various debates over the years as to what is better - The F-16 or the Mig-29? The answer is, it depends.

Platforms function as parts of a system where the whole is greater than the sum of the parts (which is the essence of combined arms). Just to give a quick example, the fact that we have AEW aircraft makes our air-to-air fighters much more effective than they otherwise would be.

As far as the F-35 goes, I think it's way too expensive. As I noted a couple years ago, it's too big to fail at this point.