The total number of RGB values you can have is 256^3. It would be nice if you could utilize all of them, but sometimes it can be hard to come up with a nice intuitive mapping. Since there are a total possible of 256^4 floats (more than possible RGB values) you will lose precision no matter what you do, but you can still do much, much better than what you currently.
I don't know exactly what you are doing with the pre-defined color map, but consider defining only a few intermediate colors that correspond to a few intermediate floating values and interpolating each input floating point value. In the code below, fsample and csample are your corresponding points. For example:
fsample[0] = 0.0   -> csample[0] = (0, 0, 0)
fsample[1] = 0.25  -> csample[1] = (0, 0, 100)
fsample[2] = 0.5   -> csample[2] = (0, 170, 170)
fsample[3] = 0.75  -> csample[3] = (170, 170, 0)
fsample[4] = 1.0   -> csample[4] = (255, 255, 255)
This will allow you to cover a lot more ground in RGB space with floats, allowing a higher precision conversion, while still giving you some power to flexibly define intermediate colors. This is a fairly common method to convert grayscale to color.
There are a few optimizations and error checks you can apply to this code, but I left it unoptimized for the sake of clarity:
int N = float_values.size();
color colormap[N];
for(i = 0 to N)
{
    colormap[i] = RGBFromFloat(float_values[i], fsample, csample, num_samples);
}
color RGBFromFloat(float in, float fsample[], float csample[], num_samples)
{
    color out;
    // find the interval that the input 'in' lies in
    // this is a simple search on an ordered array...
    // consider replacing with a better algorithm for a large number of samples
    for(i = 0 to num_samples-1)
    {
        if(fsample[i] =< in && in < fsample[i+1])
        {
             out = interpolate(fsample[i], fsample[i+1], csample[i], csample[i+1], in);    
             break;
        }
    }
    return color;
}
color interpolate(float flow, float fhigh, color clow, color chigh, float in)
{
    float t = (in-flow)/(fhigh-flow);
    return clow*(1 - t) + chigh*t
}