Ted - Only about 10% of the 350 Only players are "No Prints" in the A+B+C+D. So if you select a group of 42 to be in the Coupon set is makes sense that almost all of them will exist in both. But No Print A+B+C+D do exist in the Coupon Type 1 and this is telling.
I think you're on the right track at looking at the number of cards in this set, but I don't think it's 48. 48 was the total number of Southern Leaguers but all weren't produced in the first run. Only 34 were printed in the 150 series. 34 x 2 = 68. How many cards in the Coupon Type 1 set? 68