When you have so few bits, does it really make sense to invent a meaning for the bit positions? Just use an index into a "palette" of pre-determined numbers. As a bonus, any operation can be replaced with a lookup into a nxn table.
Exactly. And pick them on the e^x curve.
Because of that, the best compromise when the weights are quantized to few levels is to place the points encoded by the numeric format used for the weights using a Gaussian function, instead of placing them uniformly on a logarithmic scale, like the usual floating-point formats attempt.