cosmos, I agree, and I was editing the post as you wrote the message. I'll edit this message and add more info and a possible solution.
Now keep in mind that the switching regulator will not always use 30mA, it's not a LED to suck as much power as the 390ohm resistor will allow it to suck.
If you don't use 5v @ 0.1A, the switching regulator will not use 30mA.
48v + ----- 390 ohm --------- regulator --- 48v -
If your device uses 100mA at 5v (5v*0.1A = 0.5w), the regulator will use about 0.66w to produce this if it has that 75% efficiency.
So your regulator will behave like a resistor of about 2600 ohm in series with that 390 ohm regulator:
390ohm : 16.05mA flow, 6.26v drop , 100mW wasted
regulator: 16.05mA flow,
41.74v drop , 670mW wasted
Well that's not good, we wanted 35v.
At 10mA on 5v (5v * 0.01A = 0.05w), the regulator will use about 0.066w to produce this with 75% efficiency, so your regulator will behave like a 34 kohm resistor:
390ohm : 1.4mA flow, 0.54v drop, 0.76mW wasted
regulator: 1.4mA flow, 47.46v drop , 66mW wasted
Much worse. Now your regulator is close to 48v.
So what can you do... Well, if you can make sure the regulator will always have a minimum load, for example by connecting a power on led to it to waste about 10mA, you can then add another resistor in parallel with the regulator to make the overall "virtual resistance" change.
Let's go with a 1800 ohm resistor in parallel with the regulator.
Now at the minimum load of 10mA, your regulator uses 66.6mW the 1.8k resistor takes some of the load:
390 ohm : 32.34mA flow, 9.1v drop , 212mW wasted
1800 ohm : 21.61mA flow, 38.9v drop, 840mW wasted
regulator : 1.73mA flow, 38.9v drop , 67mW wasted
So the regulator is happy with 39v on the input and outputs 5mA at 75% efficiency and overall you're wasting 1,119mW to do it, or an overall efficiency of 4.45% - hey, it's bad, but still better than a linear regulator.
With 50mA on 5v, things change a bit. With the same 75% efficiency, the regulator will need 5v * 0.05 * 100/75 = 0.333W or 333mW to produce that, so we're looking at:
390 ohm : 29.4 mA flow, 11.47v drop, 337.63 mW wasted
1800 ohm : 20.29mA flow, 36.53v drop , 741.16 mW wasted
regulator : 9.13mA flow, 36.53v drop, 333.52 mW wasted
You now have a reasonable 36.5v on the regulator and you used 1411mW to output 250mW so about 17.17% efficiency
With 100mA on 5v, it's even better. Now you have 666mW wasted in the regulator and about 33v on regulator, but you're only using about 1850mW to do it (in the picture below, 675mW in regulator, 1862mW overall, so 675*100/1862 = 36.25% efficiency).
So both resistors will have to be 1w rated. Of course, you can play with the values in that circuit simulator and get some compromise. But just two resistors and a minimum load (a led using 10mA for example) can be enough to allow you to use any cheap 20 cents switching regulator (excluding inductors and diodes which add to the cost)