The resource pack attached to MC-214686 offers a complete fix for this issue. Mojang have my full permission to (and are encouraged to) replace the affected vanilla model files with the contents of the resource pack.
The bug
Redstone repeater models define faces for the bottoms of unlit redstone torches, as well as the bottom of locks for locked repeaters, despite these never being visible without clipping into the repeater itself. Powered torches correctly omit such faces due to not using a single cuboid.
How to reproduce
Place down an unpowered redstone repeater
Enter Spectator mode
Fly into the repeater such that the bottoms of the torches are in view
Expected behaviour
The unpowered torches would not have any bottom faces defined since such faces are never possible to see in normal gameplay.
Actual behaviour
These bottom faces are defined anyway, bloating the model file and forcing the game to render useless faces.
How to fix
The resource pack attached to MC-214686 fixes this issue completely.
There is no reason to remove the bottoms of these blocks as in anarchy servers these blocks are used as bases and removal of the bottoms can lead to base leaking