Eh, even the most aggressive estimates of Xykon's power didn't put him anywhere near 47, anyway.
Most people put him in the mid-20's, not very many try to justify him being in the 30s, much less the high 40's.
Honestly, on re-reading, I think the the best estimate comes from Xykon's own mouth:
http://www.giantitp.com/comics/oots0442.html
Xykon seems to think he has about 7-8 levels on Roy, maybe a little more, which would put him about 22-25. (I forget exactly what level Roy was determined to be at that time, I think he was 15).