Yes but there is also a downside to it and it’s big for him, he potentially loses control. He’d be leaving behind the total control that he has and taking on the mantle of a semi-democratic entity that very much could get rid of him. He can’t just buy the Tory Party and be the major shareholder with total power in full control. There’d be conferences and pesky members to overcome, there’d be troublesome Lords, party grandees and prominent activists.
We're already seeing that the likes of Cleverly and others are determined to not allow Farage in.
He also risks pissing off people currently on his own side. There are huge questions as to whether he can shift all his current support to supporting the Tories. Many will question it, many will suggest that he doesn’t need to do it (we’ve come this far without them, they can join us etc)
I'm not sure all that combined with what he gains makes for a good strategic move for him.
And that CCHQ machine… doesn’t look that good right now and after a heavy defeat will struggle to get the interns etc that it relies on.