It's basically like that 100100 is your value and you split it to get 100 and 100. So you have to half your resolution to get twice as many values in there. But note: floats are handled differently then ints as they are stored with the famous "floating point". So you might only get two values in a float. The internet will…
I'd rather not do it through texture baking, really. I'm trying to avoid external dependencies. I'd love to know more about encoding multiple values into one float, though.