If past practice is any indicator, if the specs are close, the higher level club will perform better.
I cannot imagine the lvl 48 club would outperform the lvl 81 Ping.
Plus if past practice is any indicator 5 yards difference is but a myth, with the right ball, it will probably be more like 20 yards.
I have the lvl 88 r11 and had the lvl 81 g20, while the difference is not significant all the time, more than occasionally the r11 seems to smash one out there and can approach the 300 yard mark against the wind occasionally, something the g20 never did for me.
I have played plenty of MP against the ping, and often the drives are similar, but again occasionally the r11 will go a full club by the ping.
It makes a ton of sense to wait till lvl 90 for the full set and selling the hybrid makes for a good deal, but lvl 90 from 88 is a long long time.