this is the correct way to look at it. blockading Malacca would require a lot of vessels, which will leave the US vulnerable in the west pacific. And if the US is going for attrition, that would mean that they have given up Taiwan. PLA with Taiwan as its base would be very dangerous to US bases in okinawa and guam.If US uses the bulk of its forces (which will be needed) to be in the Indian ocean to cut civilian goods trades coming out of China, China shouldn't try to play convoy protection, because as you also noticed, it's force structure is not optimized for it.
Instead, China would exploit the lack of US power in East and southeast Asia, to directly strongarm neighbors into supporting Chinese war effort.
Let Americans stay west of Malacca and sink as many commercial ships they want, China will threaten SK, Japan, Thailand, anyone else in range, saying, obey our total sanctions on US and start supporting our war effort, or get invaded. US will then be starved of necessary imports to replenish both civilians and military, while China still has its in house industry fully functioning.
Then from there, it's just a matter of building more missiles, more ISR assets, and keep pot shotting at American vessels hiding in the high seas, like the u boat hunt in ww2, while the PLA island hops against US forces across the Pacific.
All the resources from its neighbors will give China more than enough boost to keep going. There's also some chance that US will piss off the global community so much by disrupting global trade that China won't even need to go fully Imperial Japan on Asia to make them all bend the knee. Not that China would hesitate about doing so, if it was a war about protecting China itself.
And we havent even looked at the PLA potentially launching raids on the blockading force from its island bases in the SCS.