What we really need is a statement, probably in a pension application, from one of the known 48th Arkansas Members, that "my regimental commander was...." or "my Colonel on Price's raid was....."
Barring that, my money is still on the 48th Arkansas being either
1. The re-designation of Rogan's 30th Arkansas Infantry
2. The designation of Witt's 10th Arkansas Infantry.
3. The official designation of Carlton's Arkansas Cavalry.