My concern would be common mode noise pickup; as others have said, the signal level itself isn't particularly low, but you'll need excellent CMRR otherwise all you'll do is pick up mains hum. It doesn't help that your signal is 48 Hz and so, more or less, is the mains.
I'd be using a transformer to give the necessary CMRR. As a bonus, you can pick one with, say, a 10:1 turns ratio to increase the signal level at the same time.