use with SHIMANO 105 FD-5504 Front Derailleur on crankset 26/36/48t
Generally speaking yes, presuming everything else about the chain, ring spacing, and shifter play nice. What you'll tend to find is the gap with the ring will be a little wider than ideal at the tail end of the cage,  since FD-5504 is contoured for a 52. Usually this effect won't be enough to keep it from working fine.