It can certainly be made to work, but you must take care using an LM317 at voltages over 37V. Consider what happens when power is off and input and output are both at zero volts. Now flip the power switch, applying 48V to the input pin almost instantaneously. Until the output cap charges up, there is 48V across the regulator.
Also consider what happens when you slip with a scope probe and accidently short the output to ground

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Those issues are why the NS app note has transistors and zeners in it...
There's really no need for good regulation. I think a power transistor/zener regulator would be plenty good.
A decently stiff unregulated supply may sound even better. Often people don't realize that the gain in a voltage regulator is very active at audio frequencies, and unless you have very large output caps, you're actually listening to the voltage regulator as much as your amplifier.
Pete