Big Mistake looming!
OOOOOhhh! Be careful guys. It is true that most modern inverters have a maximum output voltage setting (it may be disguised as motor nameplate voltage, field weakening voltage, etc. etc.) but it isn't what is seems to be.
Remember that all inverters convert the incoming AC into DC. This results in a DC bus voltage of about 325 for 230VAC and 650 for 460VAC. 415VAC results in something proportional in between.
The output transistors do nothing but chop this DC voltage into pulses of varying width (PWM) depending on the inductance of the motor to integrate these pulses back to something resembling a current sine wave.
If you connect, for example, a 460V rated drive to a 460VAC line and then set the software to limit the output to 230VAC, you will still get pulses 650VDC high. The voltage limit will simply keep the pulse width from getting as wide as when 460VAC max. output is selected. Your "230V" motor better have insulation good enough for 650VDC pulses or the smoke will leak out in a big hurry.
Now let's take the 48VAC motor (I'm assuming its three phase) and connect it to the output of a 230VAC drive with the software limiting the output to 48VAC. That poor 48VAC motor will be seeing DC pulses in the range of 325V and the original poster's joy is going to go away again, unfortunately.
In summary, the output voltage limits on inverters are suitable for narrow ranges of voltages (say 480, 460, 440, and maybe even 415 on a 460VAC fed drive) but not any wider.
Actually, I have to wonder if the 48V motor in question isn't DC or single phase AC. Worth double-checking before this goes much further.