But is it necessary? What does it give besides rounding error that an extra 48 bits of fractional resolution couldn't accomplish? If you want clipping-less, you need fine resolution, not expanded range. Or go analogue..
With floating-point audio there is effectively no clip point at the fixed-point 0dB full-scale (0dBFS). You scale the exponent, and go on processing. Most DSP is multiplicative in nature, and with a 24-bit mantissa and 8-bit exponent you have huge dynamic range that a fixed-point representation can't match. It's going to get normalized to some peak level a bit below the fixed-point (exponent=0) 0dBFS (a good standard is -0.1dBFS peak normalization for typical peak-limited and compressed export audio), gain-adjusted to be within the output export format's parameters (I run 24-bit 44.1kilosamples per second stereo for most export; it's a better source for MP3, AAC, or AC3 compressors than 16/44.1k is), dithered, and then sample-rate/depth-converted to meet the dynamic range capabilities of the output format anyway.
Would the CPU in a machine like the C65 need it for that? Or wouldn't you add a 56000 if you needed DSP? There weren't competing machines doing floating point DSP at that time.
AMD's 9511 and 9512 chips were available in the late 70's, and while a bit slow for this kind of work they were the state of the art at the time. I have a small book, 'The Microcomputer Builder's Bible,' that has schematics for an S-100 AM9511/12 interface. Much clunkier than what Intel did with the 8087 (still late 70's), or what Zilog had designed for the Z280 in Z-BUS mode, but still workable.
For a long time, the high-end ProTools DAW used 48-bit fixed-point summing (
https://en.wikipedia.org/wiki/Pro_Tools ) but even ProTools is now using floating-point summing (64-bit) since modern DSP chips can do it natively (ProTools in its full config includes dedicated hardware DSP resources and doesn't do the DSP on the main CPU).
So a C65 could have a 'floating-point cartridge' with something like the AM9511 in it (by 1990 there were much faster choices, but the AM9511 is vintage-correct for early Commodore). The cartridge could even have a professional audio interface with 24-bit converters and XLR or 1/4 TRS phone jack balanced +4dBu line level I/O. For CD-quality 16-bit 44.1 kilosample per second stereo audio you need to sustain 176.4 kB per second transfer rates, and this is where most 8-bit machines would have fallen flat.