No, I wouldnt try it.. it REALLY stresses the internal components to that device. I have successfully used them at 35V in but thats about as far as I'll take it. You might consider placing a power zener in series with the input to drop some of the volts for you (to get the input down to say 25V or so..) That way you will distribute the power dissipation and cause less stress on the 317. Since it is adjustable, make sure that at no load, your voltage setting network maintains at least a couple of mA to keep the zener biased-on. I vaguely recall doing a test in which I found that 42V on the input made the part stop regulating (over volt protection built in-??)
Alternatively, I recall seeing somewhere a part called LM317HV which allows 50V input (and I think National makes-check it out) But for the power dissipation reasons, I personally prefer to drop some of the volts prior to the input with a series zener.
just my .02