Matt, are you saying you could go 30.5" vertical around the perimeter but not 48"?
I have footings and block foundation so it was easy to apply rigid foam both inside and outside my foundation wall prior to backfill. I know, not the same but I'll offer some comments anyway based on what I've seen used for insulating pole type construction slabs.
I'm going to assume you are insulating because you intend to heat this (BIG) space. Double up (or more) on the insulation at the edge of the slab. Sometimes the vertical foam is placed in a trench (narrow trench dug by a trenching machine - diy rental) about the perimeter as close to the slab as possible and a cap is layed (underground) from the slab to this verticle wall of foam. The cap is generally slopped/pitched somewhat to provide water shed away from the slab. In other installations where the vertical foam wall to the frostline was not employed I have seen the insulation under the slab doubled in thickness about the slab perimeter 4' to 8' (different strokes for different folks) in from the outer edge and again double or tripple thickness at the slabs edge. One of my brothers with in-floor heating did the double perimeter foam under the slab. BTW, take pictures of the installation, it's better than a guys memory.