It can supply 1.75A in short circuit.
How so? It's a constant current regulator, it should be outputting constant current, whether into load or into short.
If it really is 1.75A then a 48V shunt regulator will be dissipating 84W of heat under no load, are you sure you can handle it?
Actually, a series regulator like LM317 (or some high voltage variant thereof) would perhaps be better, depending on the maximum open circuit voltage the LED driver can output. Heck, even a switcher might pay for itself.