It is supported. The only thing different is that the 4 QSFP+ uplink ports on the 2248PQ can operate only in 4 x10 Gigabit Ethernet mode. So basically it expects that the uplink connections on each 40gig appear as a bundle. You can use the interface breakout commands to achieve it on the F3 side while still using the 40gig cables.
Here is how you can go about it for say module 5 port 1
N7K(config)# interf breakout module 5 port 1 map 10g-4x
Then configure the interfaces with the fex specific configuration.
Hope this helps. We have a document in the public domain for Nexus 6k and the 2248PQ
http://www.cisco.com/c/en/us/support/docs/switches/nexus-2000-series-fabric-extenders/116348-technote-fex-00.html
I will see if we can have one created for a 7k connection to 2248PQ as well to help add clarity to this specific scenario.
-Raj