MTH's 3/2 locomotives are not P48. They are what two railers call OW5 for O scale wide guage 5'. In other words the same spacing as three rail track.
While 1:48 is the NMRA standard for Scale O in the US, most of the rest of the world uses 1:45.
Proto 48 is a different variation that uses true spacing of track at 1:48 to get the correct 4' 8-1/2" between the rails, so the MTH trucks are not gauged for that rail spacing. Another tenant of Proto 48 is typically much closer to scale flanges than even standard 2 rail. Proto 48 flanges are very small.
It's a great way to model if you have the time and the patience to do it! I currently don't.