I disagree.
If there is a combinatorially large number of possible functions, then there is no reason to think this is outside the reach of evolutionary mechanism. Think of protein-protein binding, as one example. There are a combinatorially large number of binding “functions” (it is an all-by-all set of possible pairs, each one another “function”).
Also, if functions are “compossable” by (for example) recombination and exon shuffling, than we divide the exponent by the number of units we are composing. Combined with the fact that small peptides can do a lot of useful thing, composing them into more complex functions makes the 10^-49 an illusory value. The key concept here, in addition to “composition,” is exaptation.