Yes, exactly. The decimal value of the lower 16 bits should be possible to extract. For example, to get it truncated to x decimal places, the following should work:
int wholeValue = float >> 16;
int decValue = ((float - (wholeValue << 16)) * pow(10,x)) >> 16;
So you could then do something like:
MessageBox("Value: " + str(wholeValue) + "." + str(decValue));