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I'll go first. No. It wont work.
Very few ultra long haul flights with intermediate stops work now. If the market's not there currently for more direct India-Aus flights, funneling traffic from FRA or LHR wont really help - it doesnt really grow the Aus-EU/UKmarket, just cannibalises other routes (via Sin, Hkg and Bkk).
If QF or an Aus carrier could grow the inbound/outbound Aus-India market, in conjunction with an independant growth of UK.EU-India, there might be an opportunity for say LHR-BOm on BA connecting to BOM-MEL or similar on QF. But I just cant see any of these airlines taking the risk, and LH has no natural partner in Aus to make FRA-BOM-xx_ work.
$0.02 = mine.