Introducing cheap function proxies for quickly producing approximate random numbers, we show convergence of modified numerical schemes, and coupling between approximation and discretisation errors. We bound the cumulative roundoff error introduced by floating-point calculations, valid for 16-bit half-precision (FP16). We combine approximate distributions and reduced-precisions into a nested simulation framework (via multilevel Monte Carlo), demonstrating performance improvements achieved without losing accuracy. These simulations predominantly perform most of their calculations in very low precisions. We will highlight the motivations and design choices appropriate for SVE and FP16 capable hardware, and present numerical results on Arm, Intel, and NVIDIA based hardware.