I really like the blue in #46 over the red in #35. I don't think there's much more that we can do for that design to make it any better. It's great as-is!
I appreciate effort you put into #48, but I think #46 wins out due to its simplicity in getting the point across. #48 has a lot going on and I think we should skip on going down that path.
No matter how this turns out, I'm going to be contacting you to get #46... because I can totally see making t-shirts with that design. :)
Thanks for your hard work!
-Bryan