They would help, but not for the reasons you'd think, the motor draws electricity from the battery in pulses, every movement of the motor changes what coils are connected via the brushes, lead acid batteries do not like these pulses and it starts to act like they are being discharged at the rate that is the peek of the pulse, so if you put a capacitor in there it evens out the peeks and valleys and the battery ends up with less stress, giving a longer range and longer over all battery life.
Bottom line tho is that if you are putting a high enough load on to see your 48v pack sag to under 40v, then that right there is shortening your range and battery life.
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