[fdej]

That is the way the FLINT fmpz type does it. The benefit is that you can check for pointers once and then use the operands like ordinary ints without the +1/-1 adjustments. For example, to multiply two integer matrices, you can do O(n^2) pointer checks and then do O(n^3) arithmetic operations without overhead. But if the pointer check is done each operation then the representation doesn't make much difference; whether you use the LSB or MSB as a tag, what kills performance is checking and branching based on a tag bit in the first place. What you'd want is a sufficiently smart compiler (TM) that can eliminate as many such checks as possible.