The electric transmission will help somewhat versus a Sprinter, but only a bit more than 25% of the weight will be on powered axles rather than 50% for Sprinters and many modern EMUs. This may make them slow to accelerate at low speeds and (like the 319) prone to slip in poor adhesion. At higher speeds the power available will limit performance, which might be similar to a 150 but worse than a 319 on electric. As a 150 only goes up to 75mph the 769 may struggle to get much above that in diesel mode.
It doesn't work like that.
If you're thinking of AC motors, these require AC at a frequency that changes as the train accelerates. AC from the wire is at a constant frequency and AC drives convert it to DC before inverting it to produce the sort of AC the motors need. AC motors would save a bit of weight and might improve performance a bit, but would be a big cost as all the existing traction equipment would need replacing as well.
The "AC to DC Regulator" is no more than a bunch of diodes and pretty small compared to a diesel engine and a fuel tank. If you tried to drive an AC motor off a diesel engine without converting the power to DC and inverting it again, you'd have to synchronise the diesel with the motors rather like a mechanical transmission. Complete with some sort of clutch between the engine and the alternator, as the engine can't give power at zero speed to start the train.