It's been a looonng time since I played around with a Redfield 70 peep but, if I remember correctly, they might track ajustments a (very) little more precisely. While they seemed significantly less rugged than the Lyman 48 the Redfields were very popular at the range with small-bore shooters in the 50s and 60s.
But, they seemed significantly less rugged than the Lymans so I chose the 48 for my sporterized 03-A3 conversion in '67 because it would see more use in the woods than on a range; I've never regretted the choice. The adjustments track plenty well enough for almost any shooting. In fact, they were often used for high-power NRA position shooting along side the much more expensive Redfields and they did well.