The heatsinks will get warm when there's some load connected to it. If the load is light, then the heatsinks might not even break a sweat.
>if I want to convert the 48v output to be a 1v to 24v like my other positive input, what do I need to change?
The regulator has a maximum output/input differential of 40V. Basically, you *must* not exceed this, otherwise, the regulator just would not regulate.
So if input voltage is 60V, and output is 48V, that's a difference of 12V. So thats good.
So 20V is the minimum output voltage you can have for the 317T with an applied input of 60V without exceeding the 40V differential.
it would probably be more useful to me if it could do 5v or 12v.
Well, what you can do is hang a simple 7805 or 7812 regulator on the output of the 48V line... that will give you 5V and 12V fixed outputs.