Correlations of the 142Nd/144Nd ratio with the Sm/Nd ratio in some meteorites have been previously explained by the alpha -decay of long-lived 146Sm. In order to account for these observations, a necessary production ratio for 146Sm/144Sm in the gamma -process of 0.1--0.7 was deduced. The ratio [148Gd( gamma , n)147Gd]/[148Gd( gamma , alpha )144Sm], which plays the dominant role in the production of 146Sm/144Sm, has been redetermined in the present Letter by improved statistical model calculations. Utilization of folding potentials for the alpha -channel reduce the ( gamma , alpha ) rate by a factor of 3, which would enhance the production ratios, previously predicted at the lower limit of the allowed range 0.1--0.7. However, additional improvements in the treatment of nuclear level densities also reduce the ( gamma , n) rate by a factor of 0.4. Thus, in total the new cross section calculations result, at best, in only a modestly enhanced production ratio of 146Sm/144Sm.