When you see something that doesn't look right it's good to engage and work things out, but it's also courteous to check that you haven't misunderstood. I see how you could arrive at the understanding you had, that "how many times you can divide by 2" is equivalent to base-2 logarithm. It's not the right interpretation however, and in context it's clear.
Could I recommend phrasing this kind of comment as a question in future? (Notwithstanding the lifehack of making a false statement in the internet being the shortest path to an answer.)
Fair, I should have rephrased the comment to more directly reference the thread-starter, which is encoding bits "using lexicographic order of the permutation, doing a binary search each time." It's not that your computation of 2-adic decomposition is wrong, it's the idea that using 2-adic decomposition produces the number that is too low.
Let me elaborate:
I am not 100% sure what user qsort meant by "binary search", but one of the simplest manual algorithms I can think of is to use input bits as decision points in binary-search-like input state split: you start with 52 cards, depending on first input bit you take top or bottom half of the set, then use 2nd input bit to select top or bottom of the subset, and so on, repeat until you get to a single card. Then place it in the output, remove from input stack, and repeat the procedure again. Note there is no math at all, and this would be pretty trivial to do with just pen & paper.
What would be the resulting # of bits encoded this way? With 54 cards, you'd need to consume 5 to 6 bits, depending on input data. Once you are down to 32 cards, you'd need 5 bits exactly, 31 cards will need 4-5 bits depending on the data, and so on... If I'd calculated this correctly, that's at least 208 bits in the worst case, way more that 51 bits mentioned above.
(Unless there is some other meaning to "51" I am missing? but all I see in the thread are conversations about bit efficiently...)
To be clear I agree with your interpretation about how much data you can store in the deck permutation and how to search it, my previous comment was only about p-adic valuations. I can't actually see how the 49 is relevant either.
For just 52 for example 2 is a prime factor twice, because (52/2)/2 = 13, which is no longer divisible by 2.
Or in other words 52! / (2^49) is an integer, but 52! / (2^50) is not, thus 49 is the correct answer.