I agree that that makes more sense, especially since there isn't quite the fleet size disparity you'd have with VX and F9- Frontier would be easier to swallow- plus you probably wouldn't have to retrofit the F9 fleet so much.
This, of course, doesn't solve the problem of how to make F9's routes profitable. I'm still sort of skeptical that in today's airline market that it's a wise idea to merge with competitors who are on the verge of going out of business. Strapping two leaky lifeboats together isn't always the best way to make it to shore.