What they really need is their own damage type. They do almost as much damage to LF as they do to LRM frigates- and considering their mobility, so long as they have the firepower to counter the latter(which they are supposed to), they likely will still have the upper hand on the former.
Not to mention their damage type is just too versatile in general(there's a reason previously composite damage wasn't available until late game heavy cruisers). Simply reducing the damage will mean more corvettes are necessary to get the job done, but they will still hit a critical mass where a swarm decimates just about anything as long as they have such a flexible damage type.
Not that reducign the damage would be horrible- it could be a bandaid fix. But what's really needed is a new damage type that is similar to composite, but less effective against medium, module, heavy, and very heavy armor(well the main important ones to nerf corvettes damage against are medium & module armor, but the other could use a small hit as well).
That said, if a new damage type continues to not be an option, it would also probably help a good deal to improve flak speed/maneuverability a bit. Flak can wreck corvettes in the right position, but getting into and staying in that position against microed corvettes isn't really an option- and heavily damaged corvettes can easily be ordered to run away and get out of range before the flak can confirm the kill.