For those who are interested, CORDIC (for COordinate Rotation DIgital Computer) is another technique from that era. It "is a simple and efficient algorithm to calculate hyperbolic and trigonometric functions, typically converging with one digit (or bit) per iteration." See https://en.wikibooks.org/wiki/Digital_Circuits/CORDIC
I think the point of diminishing returns is 14-16 bits, but it's been a long time and I'd be happy to be proven wrong.