The 48RE is exactly the same as any torqueflite back to 1965 when it comes to fluid containment. Your convertor is indeed draining back to the pan,raising the fluid level.
Places where it can leak:
A) The dipstick tube seal. Least likely, as the 48 RE uses the new style rubber sleeve, but possible.
B) The pan gasket. Possible, but the 48RE comes with the "reusable" gasket from the factory and a stiff pan.
C) There are 2 seals for the valve body. A large one that is easily seen with the removal of the 2 arms from the VB. And a small one that seals the throttle pressure shaft. Both require removal of the VB, unless you have the factory tools to change the large one.
D) The gear position switch seal.
You could change ALL of these at one time in a couple hours for @ $50, or you can clean the transmission extremely clean and find the source. If you have an idea of which side the leak is coming from, park the truck at an angle, maybe on some wood blocks under the tires on the side opposite the leak. This will put the fluid to the leak side, and away from the other.
It's all about how much time you have to really keep an eye out for the source.
RIP