What do you mean with "1:1/4 scale"? Do you mean the quarter inch scale, 1/4" = 1' equivalent to 1:48? As you are talking about architectural drafting, I suppose so, though, as a European I'm not very familiar with imperials.
"print preview screen but that doesn't seem to reflect the changes in the drawing screen". Please explain more.
I have once made a template for 1/4" = 1' equivalent to 1:48 on letter size with architectural dimension settings. Playing with this might answer your questions. 1:48 or equivalent is not in the drop down list for scales in the print preview screen, you have to type it in manually.
If i am on the wrong trace ask again.
arch_inch_1_48_letter.dxf