Against a strategy where my opponent is spamming LRFs-in early games, I tend to use a reasonable amount of LRFs, mixed in with support cruisers (that can heal/disable- depending on faction), flak frigates and maybe a carrier capital ship. Later on (if my opponent continues to spam LRFs), I would mix in heavy cruisers, and possibly build more carrier capital ships without neglecting my own armada of LRFs. A mixed navy usually proves superior to one that spasm a particular unit(s), likewise the LRF should be the backbone of any armada.
Here I am assuming you're also TEC- I'd counter with x1 cap ship (Akkan with Ion bolt), x5 hoshikos, x20 LRF, and put the rest in flak. I'd also focus on opponents LRFs first, while trying to keep my own capital ship and flak alive with hoshikos. To be honest though your opponent has a nice mixture of ships that complement each other, so it will always be a tough battle.
That sounds about right.
After doing some tests it seems that (with my LF strategy) even with all ships focus-firing on the Hoshikos, it takes a long time for even one of them to die. By the time all of my (8) LF are dead I've only killed 2 or 3 Hoshikos, which would ruin the battle for me. But for my attack-Hoshi-strategy to work I'd need to kill all of them, else the ones left would keep repairing.
Light frigates are a little more durable than people make them out to be, I think, but not by much. If the enemy is using a few Cobalts then the choice is between your LRM attacking the Cobalts or the enemy LRM. Looking at the numbers, it seems that Cobalts can actually withstand a bit more damage, on a per-ship basis, even after factoring in their weakness to LRF. (Cobalts are also a bit cheaper than LRM)
But since Cobalts would only be that useful for attacking Hoshis, and since the Hoshis simply won't die quickly enough, it makes sense not to build Cobalts at all, even if they absorb damage very slightly better.
Against the mostly-LRF-spam tactic I'm attracted to building a large number of flak, especially if I have a carrier cap which can effectively threaten the enemy cap (and if the enemy isn't Vasari b/c of SB). If I have only 4 or 5 flak, they won't be able to do much damage to any individual ship - and, if the opponent is TEC, the enemy'll be able to repair the damaged units easily. Still, flak of course have excellent durability: if I can get the enemy LRF to attack them instead of my own LRF I'll probably gain the advantage in the battle, all else equal - and getting enemy LRF to priority attack my flak is very easy unless the enemy micros every single attack order onto my LRF (in which case they'll get a significant amount of wasted overkill damage).
Also, if I focus mainly on flak and don't have LRF or have LRF elsewhere out of range (like attacking the enemy cap), I think it's possible to micro a flak swarm around enemy LRM or Assailants so they do very little damage while the enemy gets eaten by flak. Due to moving, my flak won't be doing all that much damage, but... it's an option.
However, due to their fast move speed light frigates can still be used for skirmishing purposes to pursue unescourted support units and chase down retreating enemies. They make a great reserve unit as a result, and can be an exceptional cleanup-force.
I think I'd normally rather have a few more LRF or flak with my main combat fleet than have some spare LF of mine staying out of the fight and being mostly useless except during the 30 seconds to a minute that my enemy tries to retreat (more depending on if they need to retreat more than 1 phase lane)