In this post you say "fixed-length fractions", but I don't know exactly what that is: https://www.google.com/search?hl=en&q=fixed%2Dlength%20fract... Some of my natural expansions I can see how they'd have algorithmic complexity equal to floats, but they're going to have similar (not identical, but similar) pathological cases.
Based on what you sketch in your post, if you mean, two fields of fixed-length integers, that's got all kinds of problems that will be a non-starter; redundant representations means the equality operator becomes more complicated than a bitwise comparison involving factoring (IEEE floating point has some issues here but they're at least designed to be amenable to hardware, this factoring thing is going to be a problem at base silicon levels), plus redundant representations means you're wasting valuable bit patterns, you can't represent anything bigger than a MAX_NUM / 1 so you're going to pay a lot for larger numbers, etc., and you still have the problem that your operations won't be closed and you'll be approximating anyhow; you're going to end up with most of floating point's problems anyhow.
I know there are alternatives to floating point, such as "universal coding": https://insidehpc.com/2018/05/universal-coding-reals-alterna... They would also have similar complexity to floats, but move the pathological behaviors around. (The question in terms of trying to replace floats isn't whether you can get rid of the pathological behaviors; you can't, just by the nature of the beast. But nothing says you can't hide the pathological behaviors under the carpet, under the couch, in the corner of the room, instead of having it pretty close to sitting in the middle of the commonly-traveled path.)