Quite a few of the late savage nitro's started with 47/17 I believe. The X, XL both did I think. I think the 3-speed trans started a bit slower as well, the extra shift would give you more low end.
I never ran an HPI branded engine, so not sure what's best, but it's dependent on your engine, transmission (2-speed vs 3-speed), tires and terrain. If your running on pavement with low profile/light street tires, you can gear taller than you could if you were running offroad with heavier/larger diameter tires.
I ran 47/17 with an LRP28S3 and LRP30S2 in my savage X. Both with the 2-speed trans and traxxas 3.8" T-Maxx tires/geode wheels. So fairly light tires and similar to the OG savage 21 tire diameter. With a teflon clutch, it would chew through the shoes in a gallon or so of running when running on grass. I put alloy ones in and check them every gallon or so to remove burs and replace the bearings.
I recently geared down to 47/16 though as at the skate parks I run at, I needed 2nd gear to come on a bit earlier and have a bit more power so I could hit the ramps at a better speed. As it was, I was hitting the jumps fairly low in the RPM range of second gear just due to the space I had to run in. I'd have to feather the throttle a lot in first so it didn't just wheelie/end up on the roof, then by the time 2nd gear kicked in, I was close to the jump, so didn't have time to pick up much more speed. So, with gearing a bit lower, it will be more prone to wheelie, but I'm hoping I can pour on the coal earlier in second to hit the jumps at a higher velocity.
If I want to go "fast", I'll run my converted e-jato or stampede 4x4 vxl on 3s. Still though, 47/16 should give me a decent top speed.