Another question: would Persia somehow end up running into Spain and Portugal's arms? Now that the Ottomans and Mughals are allies with Venice, Persia would need allies to keep itself safe.
It would be a win-win-win situation for the Ottomans, the Mughals and the Venetians. At least in theory. Could Venice be able to take control of Portuguese Goa and make it a Venetian protectorate or something? I mean, even Venice could possibly finance the expansion of the Ottoman and Mughal navies while the Venetians could also acquire the trade deals with the Mughals on gems, diamonds and probably ivory as well.
They would be unlikely to expell protugul from the Indian ocean entirely, but force of arms could make them behave. I'm thinking about a Venetian Bombay with a heavy population of Arabs, Turks, Greeks, and Armenians.