No.
When it was still Nokia, it made sense but Microsoft, no not at all.
They should focus more on the development of Windows Phone rather than joining the Android crew. Let's be real, Windows Phone still has a lot of catching up to do and if Microsoft decides to make an Android device, the focus will split and this will mean they succumbed to Google's pressure.
Windows Phone is solid but I believe that with some decisions they're doing like carrier exclusives, random releases and sub par marketing, market share wouldn't move. When the 920 was announced it generated enough buzz but was killed because of poor marketing. They need to focus on the apps AND the hardware since Nokia's build quality is top notch and better than most phones in the market.
Apps is what's straying people away from Windows Phone and that is where they should focus their efforts on. I don't believe in the "app gap" some users are saying but I believe in the lack of support from devs in the platform. They have apps available for Windows Phone but support is devastating. Some apps aren't updated on a timely manner and some devs will only update their apps when users are bombarding them with an update. They are able but are not willing and Microsoft, you lack on that department. When I compare my Lumia 920 to my Tab Pro 8.4, I see the huge difference in updates. Yes, Market Share plays a huge part in an app's development but this is where you try to think outside the box and give the developers proper treatment even if it is out of your way. A short term sacrifice for a long term goal would hurt in the beginning but will be fruitful in the end.
Push the boundaries, pull the trigger, invest more and you'll see Windows Phone competing with iOS and Android healthily in the next couple of years. We should remember that when the iPhone was released it wasn't as successful as it is now but Apple didn't give up and look where they are now. We're still here waiting for your next move. I'm always here unless you show weakness and decide to pay users dust.
C'mon Microsoft! Stick with Windows Phone! We don't need Android!