I have LPE running in ultrapeer mode, but opened up Acqlite (hadn't opened it since 4 Jan) & it took 16 seconds to connect to first host, just a few seconds to connect to a second ultrapeer. However both dropped off after 83 seconds. I closed the program & restarted it. Connected very quickly, initially to a WireShare peer, then to 3 more: LW Music, Cabos & FW. These all stayed connected. Consistently connected to 4 ultrapeers.

Make sure Acqlite is still listed as an exception in your OSX firewall. Peers dropping off like flies sounds like a firewall issue.

I have just updated the Cabos-Acqlite connection installer again if you wish to try a fresh version of it. But, perhaps giving Acqlite a time to connect, if no connection, close it down, wait 10 seconds & try again. If that fails, try a reboot. If that fails, try a reboot of your modem/router. Keep an eye on the Network window. Acqlite only shows hosts it is connected to, not those it is trying to connect to.
Let us know how it goes.

BTW if you were connected to 70 odd hosts (probably 72), then you were running as an ultrapeer. To connect into Ultrapeer mode depends on average connection periods (average uptime.) Might also be affected by recent connection history if any exists. If your average connection period (sessions) is high & you are connected for over an hour, then a good chance you will become an ultrapeer again. Some programs keep a record of last occasion connected or as a UP. If it's too long ago, the program will not connect as a UP.

There's a myth connecting as an ultrapeer improves search results. This is only partly true. In fact, as one of the LW code contributors (& was one of 1st FW devs) pointed out several years ago, being a Leaf should result in better search results. However this can depend on the topography of whether the peers you are connected to are good & whether their neighboring ones are also good.