I guess I am kinda the odd man out here. But again, my tractor is a little bigger and a little heavier and I use a med. duty 5' cutter. I can personally say I would not want to run it on a smaller/lighter tractor with 7HP less at the PTO. But again, this is just one guys opinion.
I do like whoever mentioned the 54" cutter. I think that would be a good fit for you.
And I also dont really buy into covering the wheel tracks. At least not for bushhogging. I see no advantage to it. But going bigger, you have to be careful when mowing next to things. With the BH being wider, it is easy to catch it on things.
And in your given HP range, you can mow with a 48" or 54" just as fast as a 60" ore even a 72". HP will determine how fast you can cut. NOT BH size. You will be able to mow faster with the smaller cutter, but take a smaller swath. But in the end, acres per hour are determine by HP.