Do you have to increase the resistance to 266 ohms to limit current to 240mw when you apply 48 volts or is 320mw OK? ...and do the two zeners drop the zener output voltage to the 7815 from 48 volts to 39.4 volts (48-(2*4.3))?
The resistor does not function as a current limiter. The current is completely determined by the draw from the 7805. The idea is that the current will average 30mA or so which will result in a voltage drop of around (.030*150)=4.5V across the resistor. So for a 36V battery (42v peak): Vin to the 7815 is 42-4.5=37.5. At that point the resistor is dissipating about 135mW. For 48V operation (54V peak), it is possible to put in a larger resistor (500 ohm) to decrease the voltage more:
(0.30*500)=15V to give 54-15=39V which should still be ok, but the resistor will be dissipating about 450mW.
Using the zeners as I have, the resistor will continue to dissipate 135mW, and each zener will dissipate 130mW. That means the the 7815 will have about 260mW less energy to dissipate and thus it should no longer overheat.
The actual voltage that the 7815 sees when the battery is actually at 48V is ~(48 - (2*4.3) - 4)= 35.4
Note that the extra 4 volt drop is the approximate drop across the resistor and will change depending on what the MCU is doing. i.e. it will be slightly hight when the MCU has the Green LED turned on and slightly lower otherwise.
Pete