In particular, I regard any hint that such a standard includes a
requirement for established languages to make unacceptable changes
as almost certain to kill acceptance.
But, to make a more positive contribution, here is another approach:
Expressions are required to return an interval that must contain
all of the possible values resulting from a mathematically perfect
evaluation of all possible values in the input intervals.
Both the performance and tightness of the result would be quality of
implementation issues.
And, yes, a compiler WOULD be allowed to replace
an expression by a numerically better equivalent. Most compilers would
then have flags, choosing the balance.
That was also my preference for IEEE 754 support, incidentally, but it's
trickier to specify for that.
Regards,
Nick.