It will do CAS just as well as the F-16s and F-15E's do it.
Noted. I think this will happen to any future major weapon system, even if it is on budget.
I agree, to the point that we don't even use the Harriers VSTOL for taking off of unprepared surfaces. But that doesn't mean the F-35B is useless. The Marines use AV-8B's from Amphib Carriers all the time. It has it's use. And people a lot more senior than us and (hopefully) smarter than us think it's still a good capability to have.
I don't know the payload comparison of the F-35 vs F-16. You have any numbers to back it up?
And is there really another choice? The Navy is operating only one air frame currently and it seems to be working out. And we will have both the F-22, the F-35, and what remaining legacy fighters hanging around for the foreseeable future.