Fit the 48, you'll never get under 72" with 49/18 and 700×23C. You need a thin tread 700×20C to just about scrape inside the rollout with 49/18.
Really? Sheldon's gear calculator reckons 48x18 with a 23c is only 70.3".
That's why we went with the 25C last year. Not sure what algorithm Sheldon used, but just adding twice the tyre width to 622 to get the effective diameter is a common way to get an answer that is wrong.
@umop3pisdn started
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Fit the 48, you'll never get under 72" with 49/18 and 700×23C. You need a thin tread 700×20C to just about scrape inside the rollout with 49/18.