Zero net result AC electrolysis assumes a reversible (at least over the cycle time) electrode process. Cyclic voltammetry does exactly that. By looking at the cycle, current vs. voltage over varying frequency, you can derive chemistry and kinetics. There is no reason it has to be reversible, certainly if additional reaction or physical change (washing away of product) occurs before the cycle can reverse. Buzzing electrodes can get spalling. it is generally easier to draw a short arc and let solvent quench to particulates.
AC electrolysis with a DC bias is commercial. It anneals the deposit as it deposits. Electroluminescent panels are high frequency AC electrolysis. A neutral organic molecule is pumped up with an electron or ripped off for an electron on closely adjacent interdigtated electrode arrays. When the two mix you get back two neutral molecules plus light for their cation-anion LUMO-HOMO energy difference.
That looked like a high efficiency laser but, by the book, two-level lasers are crappy. Nobody has been able to get the thing to lase, either as adjacent electrodes or separate mixed solutions.
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Uncle Al
UNDER SATAN'S LEFT FOOT
Vote a 10 for doing the experiments!