Hi all,
Unfortunately I cannot be of much help here because I am unaware of a paper that explains this issue of how the 475yr level came about. I had several discussion with Allin Cornell about the genesis of it. However, the main idea behind that work was a calibration of the return period to levels of hazard that were already generally in tune with the pre-existing acceleration design level in building codes. Of course, the 475yr acceleration close to most faults was much higher than the level adopted by the code and, hence, the code people applied a magic 2/3 fudge factor to reduce the design level where the 475yr rule was too high to bear for them. Note that in most places in CA the hazard computation at these return periods is controlled by the high rate of occurrence of earthquakes rather than by the uncertainty in the GMPE. This is, however, NOT true in many other less seismic places, including the Eastern US and Italy. There is no reason whatsoever that the 475yr rule would make sense anywhere else in the world, given what the premises for its selection were.
The way to go, of course, is towards a risk-consistent design level and not a hazard-consistent design level. The work by Nico Luco at USGS goes right in that direction and I believe it has been adopted recently by one of the recent guidelines.
Cheers