If the supply voltage is lowered can lower current Schottky diodes be used or eliminated completely?
Possibly. THD may increase due to the switching waveform have more overshoot and less ideal. EMI may also increase since the overshoot contains high frequency components. The topside diodes (from output to Vcc) may not be necessary for protection in most cases. The bottom side diodes (from output to Vee) are needed. The fly back voltages are really a function of the output stage and inductance of the load. The factors all contribute so the amount of diodes and current rating are all application dependent. Lower current diodes like 1Amp may be ok in most cases.