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Yes GMAT Challenges are worth the money. They are way ahead of GMATPrep in terms of difficulty. I think if you cna bust the challenges then q48 should not be much of a problem.
Fyi, i consistently scored around 75-80 percentile on challenges and scored a q48 on the real one.
Just to make another point. It will take some time for you to get consistent scores on challenges. Dont get bogged down with your initial scores. I scored 31 and 44 percentile on the first 2 challenges i took and my confidence was crashed. Then i found some good folks on this forum who advised me not to take it so seriously and concentrate on learning concepts. After a while i consistently score 75-80 percentile.