IMHO, positions of the lifts and island aren't good. They take too much deck and don't allow parking of enough planes on the deck. There's room for just around 10-12 aircrafts on deck ( without impairing the flight operations ), too little number IMO.
The space that the island takes is fine.
As a conventionally powered carrier, it's going to have a bigger island than the island of a nuclear powered carrier.
If one compares the deck footprint that 003's island takes compared to the total deck footprint of the island and radar mast of say, Kitty Hawk class, the 003 likely uses slightly less space.
As for the elevators, on 003 the positions are only slightly suboptimal, and even that is only in exceptional circumstances.
The PLAN should be practicing cyclic flight operations similar to the USN and MN on their CATOBAR carriers, and it would be a very rare occasion in which flight operations are done at the same time in which the elevators would be in use.
And the whole point of cyclic flight operations is that the much mythologized "simultaneous launch and recovery" does not happen.
During a launch cycle, you keep the catapults in the bow and waist clear with aircraft spotted aft to those positions, and yes that means you won't be doing recoveries because the waist and the landing strip/aft flight deck will be occupied by aircraft that are spotted or getting ready to taxi forwards for launch.
During a recovery cycle (after a launch cycle), you will have cleared up the waist and landing strip of aircraft which lets you start to recover aircraft, and as you recover aircraft you'll spot them on the bow flight deck gradually and then on the aft flight deck alongside the landing strip, with more than enough room at the bow to use the elevator for moving aircraft from the flight deck to the hangar if needed, but chances are you'll be doing that near the end of the recovery cycle. For the rest of the aircraft that don't need to go to the hangar, they'll be towed back to the aft of the flight deck to get ready for another launch cycle.
So for standard cyclic operations, the elevator positions should be fine, because they have plenty of deckspace to work with already.
Given the size of the carrier, likely redesigns to accommodate the EM catapult in place of the original steam catapult, and the difficulty to redesign the structural openings for the hangar and elevators, the end configuration that they came up with is probably the best one they had, and minimizes the compromises given the parameters they had to work with.