I think Jeff's design would result in a very powerful but expensive
light frigate.
I don't have pricing for EACS system, but assuming similiar to AN/SPY-1K for installation on a ship of this size, adding cost of Mk.41 VLS + munitions... the bill already comes to at least $200-$250+ million USD est., not counting rest of the ship.
How I'd picture a Corvette design, would be an inexpensive general-purpose littoral combatant ship (not a state-of-the-art/expensive OH Perry replacement). It'd look like a larger version of the Braunschweig K130 Korvette (or similar to Turkish Milgem class), with better helicopter facilities and ASW suite. The specs would look something like this:
Displacement: 1,800-2,000 tons
Sensors: 3D multifunction radar, navigation radar, etc.
Sonar: Bow-mounted + optional TAS
Armaments:
1 x 57mm or 76mm gun
2 x 21-cel RAM launcher
2 x 4-cel Harpoon SSM with land-attack option, if fitted for ASW, use ASROC's instead.
2 x 3 Light ASW torpedos
2-4 x MG's
Aviation:
1 x Medium Helicopter (SH-60/S-70B?)
1 x UAV
This ship would also be priced competitively in the international market for foreign navies, built with solid, proven technology that's not too sensitive for export. The land-attack function on the Harpoon SSM can be excluded for export variants.
An "international" version of this Corvette concept, would look something like this:
Displacement: 1,800-2,000 tons
Sensors: 3D multifunction radar, navigation radar, etc.
Sonar: Bow-mounted + optional TAS
Armaments:
1 x 57mm or 76mm gun
1 x Oerlikon Contraves 35mm ILDS/CIWS, or 2 x smaller caliber guns
2 x 8-cel Umkhonto or Barak VLS
2 x 4-cel SSM (RBS15, NSM, MM40 Exocet, etc.)
2 x Twin or Triple 324mm Lightweight ASW Torpedos (MU90?)
2-4 x MG's
Aviation:
1 x Medium helicopter (NH-90?)
Provisions for 1 x small UAV
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If you want something even smaller, try the Flyvefisken Class... it's small, modular design, and multi-mission capable: