Ligatures in azw3 are usually a feature fo the font, so all you have to do is embed an OpenType font that has ligatures. If you are referring to unicode ligatures (of which there are a few in the Unicode standard) you can use the search & replace function in the conversion to search for and replace for example:
ff by its ligature, ffl by its ligature and so on.
I'm not 100% certain if the required functionality is all in 1.48, but, I think it is.
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