Cost of the two ships isn't primarily with the engines but on the other systems. 052D still uses two diesel engines and a more complex gearbox to deal with two different kinds of engines.
The cost difference of the two lies in the electrronics and sensors of the two ships. AESAs are extremely expensive and the bigger they are, the more elements they have, the costlier they are. The one on the 055 looks bigger than the one on the 052D, which alone takes the cake of being the largest AESAs ever put into naval service until the 055. To add to that it has two sets of AESAs, smaller set is set on the integrated mast. The small set is also very costly, the elements and modules are smaller and denser, with the array set on the much smaller X-band while the large one is on the S-band. To add to this, the datalinks, the ECM and part of the ESM appear to be in a phase array. The 052D on the other hand, only has its main search radars as AESA and every other radar it has, are mechanical.
Then you have the cost of the extra VLS.
While it all adds up, I would think the biggest chunk of the price difference would fall on the electronics and sensors.
The problem of creating a mini 055, is that the smaller ship will still retain much of the cost of the 055 due to having a similar electronics and sensor set, even if we lets say, use the smaller array on the 052D. So the resulting ship will end up costing considerably more than the 052D. In terms of the ship cost per VLS, and cost of electronics, combat data systems and sensors to service per VLS, it may not be competitive.
If all these electronics is the fixed cost of the ship, your variable costs would be the number of VLS. It might even be more economical to go the other way around, making a bigger ship, with more VLS, while still retaining the same electronics package.