Just to make sure, your CPU is nearly maxed out when trying to interpolate to 144fps, correct? If it is not maxed out, then you should first probably try to manually increase the amount of threads that SVP uses (Application settings -> Additional options -> Processing threads) since it tends to be overly-conservative and therefore leave performance on the table; fyi set it to the smallest value that gives you perfectly smooth performance (don't just max it out because, if you have perfectly smooth performance with 15 threads, then setting 23 threads will give higher CPU utilization without any benefit)
But even if your CPU utilization is not maxed out, sometimes you can still have wonky performance issues that can only be solved by doing one or more of the following:
1. If you use MadVR, enable "use direct3d 11 for presentation"
2. If you don't use MadVR but do use MPC-HC, enable "D3D Fullscreen" in 'Options' under "Output"
3. In LAVfilters (particularly the one built into MPC-HC if you use that), set your decoder to "DXVA2 (copy-back)"
4. If all else fails, try to disable GPU acceleration in SVP itself (Application settings -> GPU acceleration)
If none of the 4 suggestions listed above fixed your issue, then at least make sure you re-enable GPU acceleration in SVP; other than that the other settings can be left alone or changed according to your preference.
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Anyway, to actually answer your question, the only way to do that in SVP 4 Free is to actually set your monitor to 48Hz. In order to do this you may need to make a custom resolution.
It is important to note however that, in SVP, doing 5x and 6x interpolation is considerably more intensive than 3x and 4x. While 2x is indeed the least intensive, even mid-level systems should have no problems with 3x or 4x, so you may want to try those out before dropping all the way down to 2x.
If you use MPC-HC, I would also highly recommend using its built-in automatic resolution/refresh rate changer; info on setting it up (along with configuring SVP to activate even on high frame rate videos) can be found in this thread:
http://www.svp-team.com/forum/viewtopic.php?pid=56025
If you do not use MPC-HC, I believe MadVR has a similar automatic resolution changer, but I have no experience with it.