It makes sense to me.
Another thing to focus on when this 24-bit range could present issues is how well-defined the top of the parameter range limit is. If we have linear steps (in float) of (1 / 2^24), then lower exponent bitfield values will generate "gaps". And until we reach the "bottom", is it 23 or 24 exponent values away from the top of the range? Once that bottom is reached, the linear step resolution must change for worse, unless that step size was already larger to accomodate a better linear range of values.