It is rather interesting to note that the only airfield within support of their major naval base at Bandar Abbas has only two squadrons of outdated F-4s. Given the changing situation you think they would move air support form the Iraqi border to the Straight of Hormuz. Right now their fleet is a siting duck for any Gulf power that feels like sinking it.
True, but that is a mixed blessing.
There are larger numbers of assets for Iranian air power strategically placed to strike the most important assets in the region, specifically the oil terminals in the Gulf. In other words, if the Iranian small boat navy was operating in the Strait then it wouldn't have much defense against air power, but if it was operating within the Persian Gulf, it would have significantly more fighter cover to draw upon.
I tend to agree with you though, except that the only real Gulf power is Saudi Arabia and they may not be able to do it considering the straits are not really near any of their main bases either. The US has monitored Iranian Naval exercises and from what I understand, one of the main reasons the US Navy is looking to build a JOINT STARS Naval aircraft in the near future is because from a JOINT STARS perspective, an Iranian Naval exercise with all those small attack boats looks a lot like an Iraqi Armored division rolling through the desert during Gulf War I.
If that is true, that implies to me the Iranian small boat naval threat is basically a "Highway of Death" scenario waiting to happen.
Whether the Iranian Navy is intended to be suicide boats or mission specific operators, the real threat of the Iranian navy isn't their ships or their submarines, it is their mines. While Iran has virtually nothing intimidating about most of their military hardware, they do have the 4th largest naval mine inventory in the world, and much of it is very sophisticated.