They run at high speeds though, which would require lots of gearing which will result in a considerable loss.
Gearing could be electronic - potentially much more efficient. It is important to present adequate load to gen. For example with brushless one of most useless modes of operation would be just clipping top of the sines with bridge to charge some load sitting near gen output voltage. Alternatively one could present to gen low impedance / matched load that would make use of full available torque / gen voltage and then raise the voltage using electronic means for actual end-load.
I have never played with DC motors but conceptually low voltage buffer before high voltage actual load should work there also.
I don't see how electronic gearing would be any more efficient, than mechanical gearing. The problem then becomes converting a very low voltage, to a much higher one. The power output would still be limited by the winding resistance, which would have greater losses, at high currents. Spinning the shaft faster, using a gearbox would generate more voltage and the current could be lower, thus reducing the winding losses.
I agree that using a power factor corrected rectifier would be much more efficient, than a basic bridge for a brushless alternator.
With a DC motor/dynamo the rectification has already been done by the commutator, so I don't think much can be done, other than perhaps use an ideal diode controller as the rectifier, although that won't work below a certain voltage.