I did some testing a few weeks ago on this. Going off of memory but I think I remember it as CC48 sending only the least sig. bit. cc16 can sweep the whole range but the steps will be every other. CC48 sends a low/high for the next bit to get all 256 values.
ie; increase CC16:0 48:0 -> CC16:0 48:127 -> CC16:1 48:0 -> CC16:1 48:127 … etc
This should be pretty easy to verify in any daw that can send CC automation to external midi outputs.