I know rational representations (with bignums) can work better for some purposes (albeit not high-perf numerical ones), but the rub is, like you say, you're trying to represent an uncountably infinite set with finite memory, so everything is going to be some kind of space/time/fidelity tradeoff.
The only concrete finite fields are the finite fields of size p^k, where p is prime. I'm kind of thinking that there must be some representations that at least can shove off the breaking of associativity, commutativity, etc more into the background. It's probably more of a computer science and usability problem, but hopefully backed up by enough theory to provide some guarantees.
You can make a "free" field as a programming interface (like in the OP) - and the floats would then be a leaky implementation of that interface. I think the question is how to make an implementation that better captures what we talk about when we talk about real numbers, while having good enough performance for big numerical tasks, and avoiding common numerical problems. Definitely not easy, and I think application dependent to a great extent - a place where one really has to be able to glide up and down levels of abstraction.