Here's the scoop (so to speak)
With the 48RE, the T/H button depressed when in "D" shuts off overdrive. When in the "2" position, it allows the TC to lock when below 50.
With the 545RFE (used with the Hemi Ram HDs), pressing the T/H button <B>actually changes the shift points</B> as well as controls TC lockup. This is the same function as T/H with the GM/Allison and Ford/TorqShift.
Because the 48RE is so "old" - it's still based on the technology of the TorqueFlite 727 - it can't change shift points on the fly like a modern electronic automatic. If the upcoming 5-speed automatic ("58RE" for argument's sake) is still based on 727/48RE technology, it won't change shift points either unless there are major reworkings internally. If they make a clean-sheet "58RFE" (in Mopar trannies, FE stands for Full Electronic, as opposed to just E which signifies electronic control replacing the hydraulic shift), then I would expect T/H to be able to make dynamic shift point changes like its little brother 545RFE and the competition's heavy automatics.