I'm one that o-48's mine without issue. I believe in the original "k line incarnation" these were rated o-36 however the drawbar setup was a bit different. These berks are a smaller prototype, have smaller drive wheels and shorter wheelbase than the larger prototype of the more popular NKP S2 and PM N1 lionel berkshires which were rated o-54.
I think Lionel just "copy and pasted" the minimum requirement of the larger berks.
I would like to think you'd be fine running it on o-42, 0-48 curves are not tight for it by any means.
* I just tried running it through an s curve of o-36 fastrack switches I have. While it looked horrible doing it the only real potential problem was the steam pipe detail that hangs below the cab. It "could" catch on the wires going to the infra-red lense on the drawbar, a little extra tape holding these tight to the drawbar would have eliminated the risk.
The rest of the loco, i.e. the tender trucks as well as the pilot and trailing truck have a good deal of "play" (moreso than my Lionel tooled steamers) to allow for more flexibility in tight turns.
Hope this helps,having said all of that, it would be wise to test it on o-42 just to be sure. Maybe someone will chime in that has.