>"What does it cost, in instructions (approximately) to do a VSAM I/O?"

I think you need to expand that question to:
1. what does it cost to do a VSAM I/O to real disk (or cache in your case, 
since the hit ratio is almost 100%)?
2. what does it cost to do a VSAM I/O but finds a hit in a memory buffer?
3. what does it cost to do a VSAM I/O but finds a hit in memory, e.g. 
CMDT?

If this region uses less than 5% of cpu, and the end-users do not complain 
about R/T, then do you really have problem?

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