Anything is possible. I used a Z-Wave stick to upgrade too. I applied 1.48 twice, and could not apply the 1.47 bin… I then installed 1.47 orz, and the 1.47 bin installed in just seconds w/o a hitch, and I then applied the 1.48 orz again.
I first tried this 1.48 otz and 1.47 bin on my guest room dimmer by pairing it directly to my z-stick… it died after applying 1.47 bin to target 1. It won’t talk to the z-stick anymore, and it will power on, but won’t no local control, or led bar display after the power on light show.
I could not recover it, so I tried my office using the Z-Wave Firmware flashing driver for habitat, and it worked beutifully, but again the same results – I could only apply 1.47 bin if I applied 1.47 otz. Finally I flashed my meter bedroom, and too worked flawlessly using hubitat’s flasher tool. Frustrated I no longer had light or fan control in the guest room, I removed the dimmer, and put in a replacement (I have several spares I haven’t gotten around to installing). This one, being brand new, I did 100% over z-stick, and same thing. So, my conclusion is that the 1.47 bin, for what ever reason cannot be in stalled after the 1.48 upgrade (at least when the old firmware is much older anyways… all mine were 1.3x (not sure which).