So I ended up using JSON. Yes the message sizes are larger in byte size with JSON but using the jsmn[1] parser I could avoid dynamic memory usage and code size was small. The jsmn parser outputs an array of tokens that point to the buffer holding the message (ie start and end of key name etc), so overhead is quite limited.
For JSON output I modified json-maker[2]. It already allowed for static memory usage and rather small code size, but I changed it to support a write-callback so I could send output directly over the data link, so I didn't have to buffer the whole message. This is nice when sending larger arrays of data for example.
Combined it took about 10kB of program (flash) memory, of which float to string support is about 50%. Memory usage is determined by how larger incoming messages I'd need, for now 1kB is plenty.
A nice advantage of using JSON is that it's very easy to debug over UART.
Though having compact messages would be nice for wireless stuff and similar, so does anyone know of a MessagePack C/C++ library that is microcontroller friendly?