8n's were started in 47 for the model year 48... though that's imaterial to yuor problem.. same basic block design as far as the oil and water ports are concerned.
did you flush the radiator and block good to get rid of the emulsion?
are you still loosing water?
did you retorque the head after warming it up?
I'd pull the head again and look for signs to see if it blew out again.. if so.. look to see if the head is flat using a straight edge.
if it is, time to pull the pan and do a pressure test ont he cooling system to see where you start getting water leaks from.