Well, I've done the best testing that I can do in the simulator (copy + pasted 30 enemy missile spam frigates in, tested lone ships against increasing numbers).
Other than revealing an incredibly high number of shield AI flaws (I need to reproduce some of them in vanilla, because there were times when Tempests would deploy shields on the opposite side of a missile) that I had to specifically design around (all ships get accelerated shields, Paragons get Front Shields and accelerated shields - freaking bizarre), I can say this:
At the costs for ships in this tournament, missile spam is not a problem. It is simply a strategy that needs to be dealt with by appropriate ships.
My tweaked Paragon can easily survive 20 missile frigates - more than its cost - though 25 was a bit of a problem. It even has decent, if less, anti ship guns on it so its not helpess. The main tweaks came in the hullmods to make the shield AI not idiotic. Unfortunately, the Paragons can't catch any of the shuttles (even with HIL's, extended optics, and a targeting unit), so its a stalemate.
My Tempest did remarkably well on its own, but with just a little tweaking it could take 4 missile boats with only minor damage, though it took a long time. Most of this long time was due to the AI just being too cowardly - I can wipe out the 4 missiles boats piloting myself without any problems. I did get a bit of testing in 30 on 10 (slightly under representing Tempests cost wise) and in the minute or so before the enemy entered full retreat I had 2 kills and no losses. Even the few Tempests with 35+ blue/green missiles chasing them [side note: those things are ridiculously overpowered for how many shots they have, though maybe they will be in line with the new, deadly missiles coming up] just kept running away and soaking missile targeting, leaving other Tempests free to get kills.