The "clamp-on" type, which "wrap around the receiver" as you describe, are unreliable. They WILL slip at some point, altering the zero of your rifle.
For the M48, your only GOOD choices are a LER ("scout" type mount)....or conventional drill and tap mounts for the receiver. Any other types are a poor compromise, at best.
One company (I can't remember the name) used to make a cantilevered mount, which attached to the rear sight base on the barrel (a la the scout mount), but projected to the rear, to allow scope mounting above the receiver. However, they are out of business, AFAIK.