It is confusing because it is confusing!
The factory specified operating level for the 48 is 250 nW/m. So if you have an MRL 355 nW/m cal tape (31J429?) you treat it the same as a 370 nW/m cal tape, because they are the same. The 355 nW/m cal tapes are referenced to a 1 kHz tone. When playing a 700 Hz tone it is 370 nW/m or +6, because of the different energy levels of the frequencies
Use the following chart from Quantegy and consider your tape to be +6 370 nW/m.
http://www.quantegy.com/Audiorecordersetup.asp
So, select 370 operating level from the pull-down menu on the far left. Next look over the results to the right. If you want to go with factory spec then set your VU meters to +3 VU while playing the 1 kHz tone from your test tape.
The 48 will easily handle 320 nW/m or +5 and will give you a slightly better S/N ratio. If you want to try that, the chart says to set your meters to +1 VU while playing the 1 kHz tone.
It all comes down to what you want your meters to do for you. They can more accurately represent where the true level is and you can try to stay at or near 0 VU, or you can have the meters zeroed at 250 nW/m and push levels well into the red to reach MOL.
Personally, if I’m not using noise reduction I like running a ½” machine at true 320 nW/m +5 (not European
G320) for 8 tracks or less.
The chart below is from Jay McKnight of MRL. It may shed some light or make things more confusing.
