I like #48. Is there any leeway with the letter "g" with the font you are using? Sometimes when I've sought feedback on certain designs, people tend to over-emphasize the letter "g" so that it appears to read something like "Flig---hit". (it's more of a problem in a design like #49, where the "g" really stands out).
Another thought: again with #48, keeping it as-is, only playing around with the first letter "F" - Maybe a bit more stylized, while keeping the rest of the word as is?