What would be the most practical range for a hypothetical 1-bit floating point type (float1_t)? Zero and one? Zero and infinity? NaN and infinity?
And any nonzero finite number might as well be 1 to make it easier to think about.
0 and 1 would work, as long as you have a final scaling factor per node. -1 and 1 should work too.
Also the entire concept of a floating point is weak enough at 3-4 bits and collapses entirely when you have 1 or 2.