Iberia flies to Paris Orly many times a day. Iberia Express flies once a day to Paris CDG, normally in the evening. You would want at least a good 4 hours between landing in Paris Orly and leaving Paris CDG. Baggage claim at Orly is infamously slow, then you have to catch a bus going to CDG which can take 1h30 easily, and you have to check-in by the deadline in CDG. You'd also want a comfortable margin in case of delays to the first flight or in traffic.
To answer your initial question, 50mins is doable T4-T4 (or T4S-T4S). Make sure that your flights are both arriving and departing the same terminal, which they should be if it is offering you that connection. The LCG-MAD flight will be the aircraft's first flight of the day, so shouldn't be delayed barring technical issues. Gates in T4 are at most 15 minutes apart (H9 to K94).