Don't see why it wouldn't work, no different than any other IFS swap, you'll have to make it fit. Steering might be a little different to setup, if you use the stock linkage. You won't really gain much handling and brake wise compared to the more common Camaro or S 10 swap.
If the one you're looking at is 5 lug, though, it's not a '48. Chevrolet cars did not go 5 lug until the '49s.