The 48 hole hub was likely for a tandem. I used one for a time on the rear of my MelPinto tandem. It did help with spoke breakage, BUT I still had a big problem with bent/broken axles. Remember, back then we just added spacers to make room for a 6 speed FW. The other thing I remember was stuck freewheels. If you used low gears on a tandem with two strong riders, you could real tighten up the FW on the hub. God forbid you didn't apply a little grease or anti-sieze. This was made worse if the FW remover was the double ear variety. I must say, the cassette hubs were a real improvement.
ANYWAY...the COOL thing to do is lace that hub up to a 24 hole rim and tell your friends it was drilled out to reduce the weight!!!
Later
Brad Luecke
Columbia MO USA