Well, to be honest, I am asking an impossible question, but I would be interested in hearing others' viewpoints and any references would be appreciated.
What we find is that we can make engines more efficient, but it always brings an attendant cost. Some have suggested that the limit of practical efficiency is about 60%. (Modern researchers, and Rudolph Diesel, have said it.) Today, people talk about going to even higher thermal efficiency than 60% (after removing all losses). Just getting to 60% can be a great challenge. In our work (which is theoretical), we think we see a sizeable increase in cost when the expected efficiency of a heat engine (including friction and heat loss) is greater than 60%.
What do you think? What is the "best" practical efficiency that a heat engine (internal combustion engine) can be expected to achieve after making our best efforts?