Interesting talk on designing low-bit floating point number systems. Imagine you have 6-bits, using IEEE754 would you want to waste 6 of your codes for different NaNs? Do you really need two zeros? How about adding ±∞ or does saturating to ±FLT_MAX work for you use case? You can upconvert to Binary32 or Binary64 to do math operations, but which one gives you the better conversion when re-packing back down to 6-bits?
IEEE working group P3109 has the goods.