This conversion will not lose precision!
With a 64-bit mantissa, ULP(x) is ≤ 1 for x in [-2e64, 2e64]. If you have the time you can count up to 2^64 by repeatedly incrementing a float80(0.0) by 1.
Addition, subtraction and multiplication on float80s are perfectly stable provided the results stays within [-2e64, 2e64].