It would be best to have an independent evaluation of the F-35. Simply canceling it may not be the option. Sure, it has its flaws (all aircraft, even the vaunted F-22 Raptor, do), but canceling without having a replacement may not be necessarily prudent. Additionally, substituting it with the F-18 SH simply means that countries like China and Russia have parity with the US. The various advanced Sukhoi variants are directly comparable to the SuperHornet, and parity is not something to aim for. Finally, it should be noted that not all F-35 versions are the same. It is the STOVL 'B' version that has had the most issues.
Anyway, in the same way cancelling the Raptor's continued production was not prudent, simply cancelling the F-35 without a proper think wouldn't be either.
And I am saying this as someone who thinks the F-35 is a pig, but it may be a pig that is still better than any current legacy aircraft.
I agree, the F-35 has over promised and under delivered. It is Outlandishly expensive with little commonality among variants. Some day it may be what we were told it will be, that is a long time from now.