Not sure how much of the original Mk48 is left, to be honest.
How so? The otto fueled weirdness works pretty well. (It's basically a hydraulic motor but running on external combustion)
The UK Spearfish runs on otto fuel as well, it's just a small gas turbine instead.
Disagree, the electric torpedoes are slower and shorter ranged. And that's usually running silver-zinc batteries which have equal or better energy density to Lithium batteries! The only advantage lithium has over AgZn in batteries is rechargability, which only matters for exercise torpedoes. On the other hand, having rechargeable ExTorps is not a bad thing.
About the only way you could pull more performance out of the torpedo is to shift to the same stored-chemical propulsion as on the Mk50 LWT, sulfur hexafluoride and a block of lithium driving a steam turbine. The advantage being that sulfur and lithium fluoride take less volume than SF6 and Li, so there's no exhaust to have to pump overboard.