The theory is correct and if you were doing a motor conversion it would probably be ok.
With air gap alternators you will have extreme difficulty making everything accurate enough to avoid circulating currents with the parallel connections.
If you insist on using the #20 wire, then as you seem to want a 48v machine, I would reject the 12v option. If you wind 4 stacked sections to a coil as you suggest you will need to be extremely careful with the winding to get even a reasonable voltage balance.
I think the 8 in hand winding will also lead you into a messy winding and again it may not be well enough matched for the 12v case. It may be good enough to use 4 in hand to cover 24 and 48v.
This sounds like a big machine and the 12v option is probably not a sensible choice for other reasons, with line loss, rectifier loss and the problems of the alternator winding.
You don't say what the alternator arrangement is. If it is 12 magnet 9 coils you have little other choice, but if it is 16 magnet 12 coil you have the option of connecting the coils to do your voltage change rather than reconnect each coil. Even then you may still get circulating currents unless you rectify the parallel groups separately.
Far better to decide your system voltage and go for it from the start in the end I suspect.
Flux