According to my calculator, $2^{255} = 0.5$.
Also, for the range $2^x, x\in[254.5, 255.5)$ the result spans $[0.3535533906, 0.7071067812]$. Outside of that, the answers seem correct.
Curiosly, $2^{255.4999999} = 0.7071062911 \approx 1/\sqrt{2}$ in the calculator's opinion, how about that!
Can any other owner of the Citizen SR-270X reproduce and confirm this? Besides that, is such behaviour to be expected and acceptable?