The Israeli Sa'ar V corvette is about 200 tons lighter than the 056, and it's equipped with 2 x 32 cell Barak-1 VLS. This was made possible because they designed the system to be small enough and light enough for a corvette. The smaller deck penetration requirement also made it possible for easy refitting to older warships. For example on the Indian Navy's Rajput (Kashin II) class, they were about to swap out the AK-630 mounts for 8-cell Barak VLS systems.
However, on the Israeli Sa'ar V, it was still necessary to build an elevated platform to accommodate the VLS system. I read that they've upgraded the system to the newer Barak-8, which is a much heavier and longer missile. The Barak-8 is "medium range plus" at 70 km range and gives the Israeli corvette area air-defense capability. But I'm curious about how it's installed on the corvette, and if the Israelis had to reduce the number of VLS cells to accommodate the much larger and heavier missile.
Remember that cost issue for Israeli is different from Chinese Navy, where the Chinese Navy have AAW DDG's, the Israelis only have corvettes. Now, if we want to discuss installing VLS on the 056 for purpose of ASROC type weapons, then we need to consider the length and weight of such missile, which is certainly gong to be even bigger and heavier than the Barak-8:
Barak-1 SAM: 2.1 m length, 98 kg weight
Barak-8 SAM: 4.5 m length, 275 kg weight
VL-ASROC: 5.1 meters length, 748 kg weight
MILAS: 6 m length, 800 kg weight
K-ASROC ("Red Shark"): 5.7 m length, 820 kg weight
91RTE2: 8.9 m length, 1,300 kg weight
The 054A has VLS launched ASW missile, but we do not know the specs. If they followed Italy's route and the missile is a torpedo on top of a YJ missile, then it probably weights more than the original YJ missile.
Alternatively, the ASW missile could be launched from anti-ship missile canisters, like the Italian MILAS (which is basically a torpedo on top of a Otomat). If this is the case, then building a slightly larger 056 with 8 SSM canisters instead of 4 will probably do.
If the goal is to improve the 056 ASW capability, we'd also need to look at the ASW helicopter, which is probably the most effective ASW weapon deployed from a ship. What kind of helicopter can the 056 (or ASW variant of) handle? The Italian Comandanti class corvette (with telescopic hanger) is about 100 ton larger and said to be able to accommodate the NH90, which is similar in weight to Ka-27/28. But you need more hanger and storage space to accommodate all the support equipment, fuel, munitions, etc. for the ASW helicopter. So I don't think you can get away with a small increase to the existing 056 hull.