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Your first finding is baffling indeed. No idea how it came
to be 
(I don't remember having added such code). The test seems to
be intended to switch from 'g' format to 'f' format at an
arbirary number of decimals before the decimal point. 
"fabs(x) >= 1e50" should do the same. Feel free to change
this.

The second point should be fixed after my checkin:
>>> '%.100f'% 1e49
Traceback (most recent call last):
  File "<stdin>", line 1, in ?
OverflowError: formatted float is too long (precision too
large?)